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Chicago bidder to drop LCH.Clearnet

From the futures industry conference in Boca Raton

The Intercontinental Exchange, the energy derivatives market operator that last week launched a surprise $9.9bn (€7.5bn) takeover for the Chicago Board of Trade, plans to move its clearing from LCH.Clearnet to the New York Board of Trade.

ICE said NYBOT's clearing house would serve as the integrated platform for clearing the combined exchanges' transactions. ICE chief executive Jeff Sprecher declined to name a date for the shift but said the move from LCH.Clearnet would occur, irrespective of whether the CBOT deal goes ahead.

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