LONDON--(BUSINESS WIRE)--
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that ICE Endex is now a fully owned subsidiary of ICE, following the acquisition of the remaining 20% stake of ICE Endex shares from N.V. Nederlandse Gasunie. The transaction terms were not disclosed and are immaterial to financial results.
In addition, ICE and Gasunie have signed a Memorandum of Understanding (MOU) which sets out the basis for further cooperation between the two parties in relation to the operation of the Dutch gas and power markets following ICE’s acquisition of the Gasunie Shares.
“Gasunie have been terrific partners in building ICE Endex and in growing the Dutch TTF gas futures and options complex to help customers manage their price risk. Our acquisition of the remaining shares in ICE Endex along with further cooperation with Gasunie will allow us to further develop these markets and to serve the needs of our European gas and power customers,” said David Peniket, President and COO, ICE Futures Europe. “We look forward to continuing to work with Gasunie as we collaborate in support of the growth of both the European and global natural gas markets.”
Ulco Vermeulen, member of the Executive Board and Director Participations and Business Development of Gasunie says: “Three years ago Gasunie decided to join forces with ICE for a period of time to develop a highly liquid, secure and efficient continental European platform for trading gas and power. By bringing the expertise of both companies together we have been able to deliver this initiative. Trade is now flourishing and the 100% ownership by ICE is the most logical step for the ICE Endex business.”
The Dutch Transfer Title Facility (“TTF”) is a virtual trading point for natural gas in the Netherlands, set up by Gasunie in 2003. Since that time it has become the leading continental European benchmark and trading hub for spot, forward and futures gas trades. As the leading energy exchange in continental Europe, ICE Endex provides transparent and widely accessible continental European markets for trading natural gas and power derivatives, gas balancing markets and gas storage services.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company that operates a leading network of global futures, equity and equity options exchanges, as well as global clearing and data services across financial and commodity markets. The New York Stock Exchange is the world leader in capital raising, listings and equities trading.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at https://www.intercontinentalexchange.com/terms-of-use.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional 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, 2016, as filed with the SEC on February 7, 2017.
SOURCE: Intercontinental Exchange
ICE-CORP
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