IntercontinentalExchange (ICE) has announced that its Canadian operation has completed the transfer or closure of all MF Global Canada customer positions executed on ICE Futures Canada and held at the clearing house.
The substantial majority of customer positions were transferred to alternative clearing participants at the request of customers, and the balance of open positions were closed by the clearing house. ICE Clear Canada remained fully collateralised throughout the process.
"ICE Clear Canada has worked closely with clearing participants and their customers to mitigate the impact of MF Global's default on our markets, and to ensure an efficient and expeditious resolution of the default," said Brad Vannan, president, ICE Clear Canada. "We are grateful for the assistance we have received from the Manitoba Securities Commission, clearing participants, FCMs and customers during this process."
