On July 23, the Commodity Futures Trading Commission issued an order pursuant to Section 409(b)(3) of the Federal Deposit Insurance Corporation Improvement Act, determining that the supervision by the UK Financial Services Authority (FSA) of the clearing of over-the-counter instruments by ICE Clear Europe Limited (ICE Clear Europe) satisfies appropriate standards. In reaching its determination, the CFTC considered several factors, including the UK legal and regulatory regime applicable to ICE Clear Europe, the FSA’s authority to enforce compliance with the applicable law, and the ability and willingness of the FSA to share information and otherwise cooperate with the CFTC.