ICE Futures Europe States Intent to Comply with U.S. Regulatory Requirements for...

ICE Futures Europe States Intent to Comply with U.S. Regulatory Requirements
for U.S. Energy Contracts, Subject to FSA Acceptance

ATLANTA and LONDON, June 17 /PRNewswire-FirstCall/ --
IntercontinentalExchange (NYSE: ICE), a leading operator of global derivatives
exchanges and over-the-counter (OTC) markets, today announced that the
Commodity Futures Trading Commission (CFTC) staff has proposed conditions
amending the "no-action relief letter" granted to its U.K. subsidiary, ICE
Futures Europe(TM).
ICE plans to comply with the amended no-action letter, detailed below,
within 120 days, subject to acceptance by the U.K. Financial Services
Authority (FSA), the regulator of ICE Futures Europe. In 2006 the CFTC and the
FSA entered into a memorandum of understanding (MOU) regarding information
sharing for U.S. oil contracts listed by ICE Futures Europe. On May 29, 2008,
ICE, the FSA and the CFTC expanded the information to be disclosed to the CFTC
under the existing MOU and added U.S.-style accountability limits. The planned
amendments to the no-action letter announced today seek to codify this
agreement and add further requirements related to contracts that settle
against any price of a contract listed on a designated contract market (DCM)
or derivatives transaction execution facility (DTEF), or a contract listed on
an exempt commercial market (ECM) that serves a significant price discovery
function (collectively, "IFE Linked Contracts"), as described below.
"ICE's diligent work with the CFTC, the FSA, Congress and industry
participants demonstrates our continued dedication to promoting transparency
in our markets," said ICE Chairman and CEO Jeffrey C. Sprecher. "While
compliance with the amended no-action letter is predicated upon FSA
acceptance, we believe we can effectively demonstrate to U.K. officials that
the requirements will not have an adverse impact on the proper operation of
our markets as a regulated body. We are pleased to have reached this agreement
with the CFTC and will continue to meet the obligations required to continue
our growth in the global marketplace."
ICE Futures Europe President and Chief Operating Office, David J. Peniket,
added: "ICE Futures Europe has sought to work constructively with regulators
in both the U.K. and the U.S. in support of an unprecedented, yet practical
and effective, market solution to cross-border regulation. We believe the
CFTC's proposal to amend the no-action letter ensures that ICE Futures Europe
is undoubtedly subject to equivalent regulation as that applied to U.S.
exchanges. Based on our review of recent historical expiration information and
discussions with market participants, it appears that the impact on our
customers and on our business will be immaterial."
The specific conditions that have been added to ICE Futures Europe's
no-action letter are:
1. ICE Futures Europe will impose on IFE Linked Contracts, by rule or
otherwise, position limits or position accountability levels
(including related hedge exemption provisions) that are comparable to
the existing position limits or position accountability levels
(including related hedge exemption provisions) as adopted by: (i) the
DCM, DTEF or ECM for the contract against which the IFE Linked
Contract settles or (ii) the DCM, DTEF or ECM for a
financially-settled equivalent of such contract;

2. ICE Futures Europe will inform the Commission in a quarterly report of
any member that had positions in an IFE Linked Contract above the
applicable ICE Futures Europe position limit, whether a hedge
exemption was granted, and if not, whether a disciplinary action was
taken;

3. ICE Futures Europe will publish daily trading information (e.g.,
settlement prices, volume, open interest, and opening and closing
ranges) that is comparable to the daily trading information published
by the DCM, DTEF or ECM for the contract against which the ICE Futures
Europe contract settles; and

4. ICE Futures Europe will provide to the CFTC, through the Financial
Services Authority (FSA), a daily report of large trader positions in
each IFE Linked Contract for all contract months in a form and manner
that:
* can be fully integrated into the CFTC's market surveillance
systems, including full identification of each position's
beneficial owner comparable to the reporting that is provided by
the DCM, DTEF, or ECM;
* can, subject to the Memorandum of Understanding between the CFTC
and FSA, be fully integrated into the CFTC's Commitments of Traders
Report, including appropriate categorization of traders and their
positions.

ICE plans to review these conditions with the FSA imminently and seek
acceptance for the amended no-action letter. ICE Futures Europe has been
operating under the experienced jurisdiction of the FSA since 2001 and its own
market-surveillance staff for over 27 years.
About IntercontinentalExchange
IntercontinentalExchange(R) (NYSE: ICE) is a leading operator of global
exchanges and over-the-counter (OTC) markets. ICE offers futures and OTC
markets on a single trading platform, including markets for crude oil and
refined products, natural gas, power and emissions, as well as agricultural
commodities and financial products such as canola, cocoa, coffee, cotton,
ethanol, orange juice, wood pulp, sugar, foreign currency and equity index
futures and options. ICE(R) conducts its energy futures markets, including the
leading oil benchmark contracts, through its London-based exchange, ICE
Futures Europe(TM). ICE conducts its global agricultural commodity, foreign
exchange and equity index futures markets through its U.S. and Canadian
exchanges, ICE Futures U.S.(TM) and ICE Futures Canada(TM), and offers
clearing services through ICE Clear U.S.(TM) and ICE Clear Canada(TM). ICE's
state-of-the-art electronic trading platform serves market participants in
more than 55 countries. ICE is included in the Russell 1000(R) Index and the
S&P 500 Index. Headquartered in Atlanta, ICE has offices in Calgary, Chicago,
Houston, London, New York, Singapore and Winnipeg. For more information,
please visit www.theice.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995 - Statements in this press release regarding
IntercontinentalExchange's business that are not historical facts are
"forward-looking statements" that involve risks and uncertainties. For a
discussion of such risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements, see ICE's
Securities and Exchange Commission (SEC) filings, including, but not limited
to, the risk factors in ICE's Annual Report on Form 10-K for the year ended
December 31, 2007, as filed with the SEC on February 13, 2008.
SOURCE IntercontinentalExchange

Investor and Media, Kelly Loeffler, VP, Investor Relations & Corp.
Communications, +1-770-857-4726, kelly.loeffler@theice.com, or Sarah Stashak,
Director, Investor & Public Relations, +1-770-857-0340,
sarah.stashak@theice.com, both of IntercontinentalExchange; or Media, Ellen G.
Resnick of Crystal Clear Communications, +1-773-929-9292 (o), +1-312-399-9295
(c), eresnick@crystalclearPR.com