ICE to clear Euro rate futures in Amsterdam from December
31st October, 2025|Luke Jeffs
Intercontinental Exchange has told clients it will start clearing in December its main Euro interest rate (STIR) futures contracts through its European arm to mitigate the effect of European regulation.
The US group, which operates clearing houses in London and Amsterdam, said on Thursday ICE Clear Netherlands will start supporting its three month Euribor futures and three month ESTR futures from December 2 subject to regulatory approval.
ICE wrote in a notice seen by FOW: “The purpose of this Circular is to notify Members and their customers of the launch by ICE Futures Europe of two new EUR short term interest rate futures contracts based on the 3M Euribor rate and the Euro Short-Term Rate (ESTR), subject to satisfactory conclusion of applicable regulatory processes, for a first trade date of Tuesday 02 December 2025.”
Under the new arrangement, ICE’s STIR trading clients will continue to trade the contracts in the group’s established, London-based market but can choose from early December whether to clear these contracts at ICE Clear Europe in London or ICE Clear Netherlands.
This is important because Europe introduced in June regulation that requires European clients to clear a small proportion of their Euro trades at European clearing houses to reduce their reliance on London-based firms like ICE Clear Europe.
The European active account requirement (AAR), which took effect on Tuesday June 24, requires European trading firms to open and start using accounts with European-based clearing houses.
ICE said in June it had applied to the Dutch central bank for permission to start clearing Euro-denominated short-term interest rate futures at ICE Clear Netherlands which currently clears a few equity derivatives.
Chris Rhodes, president of ICE Futures Europe told FOW in June: "We are working on a solution to help clients meet their active account requirements for European Short Term Interest Rate futures via ICE Futures Europe block trade facility and cleared at ICE Clear Netherlands. We are working to gain the necessary regulatory clearances to offer this service."
The new clearing service effectively gives ICE’s European clients optionality, allowing them to continue using the London-based ICE Futures Europe and ICE Clear Europe for most of their trading, and ICE Clear Netherlands to clear sufficient business to comply with AAR.
ICE Futures Europe’s three month Euribor futures contract is Europe’s most-liquid interest rate derivative, reporting 312 million lots traded in the first nine months of 2025, up 16% on the same period last year, according to the US group.
