NEW YORK, Oct. 30 /PRNewswire-FirstCall/ -- IntercontinentalExchange, Inc.
(NYSE: ICE), a leading operator of global regulated futures exchanges and
over-the-counter (OTC) markets, and The Clearing Corporation (TCC), today
announced new agreements intended to advance their previously announced joint
global clearing solution for Credit Default Swaps (CDS). Together with nine of
the major global investment banks who are dealers in the CDS markets, ICE and
TCC have entered into memorandums of understanding (MOUs) to develop a joint
global clearing solution and to effect the acquisition of TCC by ICE.


Under the terms of the new agreements, ICE will acquire TCC and will form
ICE US Trust (ICE Trust), a New York limited purpose trust company and
subsidiary of ICE, with the support of Bank of America, Citi, Credit Suisse,
Deutsche Bank, Goldman Sachs, J.P. Morgan, Merrill Lynch, Morgan Stanley and
UBS.  As previously announced, ICE and TCC continue to work closely with
regulators, other market participants and industry groups to develop a
comprehensive central counterparty clearing solution for the CDS market.  This
customized solution is currently undergoing final testing in preparation for
launch.


"ICE has been a long-time believer in the value that clearing brings to
market participants, and we've demonstrated that belief by creating innovative
clearing and risk management solutions in both the futures and the
over-the-counter markets," said ICE Chairman and CEO Jeffrey C. Sprecher. "We
have made a commitment to developing a market structure that reduces risk and
increases transparency and capital efficiency in these important global
markets, first through our acquisition of Creditex, and now through our
planned acquisition of The Clearing Corporation. Both of these organizations
have demonstrated strong dedication to the CDS community."


"TCC has served as a credit intermediary in a broad range of markets since
1925, and the CDS market represents an excellent opportunity to apply our
expertise," said Kevin R. McClear, Chief Operating Officer of TCC. "Our work
over the last two years has laid a strong foundation for a market-based
solution that will significantly reduce counterparty risk and is intended to
address applicable regulatory requirements."


The Boards of Directors of ICE and TCC have approved the MOUs, specific
terms of which have not been disclosed at this time.  The transaction is
subject to the receipt of required government approvals. The parties will work
toward receiving the necessary governmental approvals while working to execute
definitive documents during the fourth quarter of 2008, by which time they
expect to begin clearing CDS transactions through ICE Trust. Post-transaction
TCC will continue to support its existing clearing customers.


J.P. Morgan was the financial advisor to ICE and Sandler O'Neill +
Partners, L.P. was the financial advisor to TCC on the transaction.  Legal
advisors to ICE, TCC and certain shareholders of TCC were Shearman & Sterling
LLP, Katten Muchin Rosenman LLP, and Crowell & Moring LLP, respectively.


This announcement is for informational purposes only and does not
constitute or form part of any offer or invitation to purchase, otherwise
acquire, subscribe for, sell, otherwise dispose of or issue, or any
solicitation of any offer to sell, otherwise dispose of, issue, purchase, or
otherwise acquire or subscribe for, any security.