LONDON, Dec. 10, 2013 /PRNewswire/ -- ICE Futures Europe, a wholly owned subsidiary of IntercontinentalExchange Group (NYSE: ICE), the leading global network of exchanges and clearing houses today announced the successful completion of the transition of ICE Brent futures, options and related derivatives instruments to a new, 'month-ahead' expiry calendar. The expiry calendar for ICE Brent futures changed from a 15 day basis to a month ahead basis after market close on December 6, for the March 2016 contract month onwards. The transition involved 37 member firms and 1,540 open positions, representing 124,000 contracts and 124 million barrels. Using pre-determined formulae, ICE Clear Europe adjusted open positions in Brent futures, options and related derivatives by making a cash adjustment, transferring funds between holders of long and short positions. The cash adjustment was designed to minimise gains or losses that could otherwise have arisen from the change in expiry calendar. For non-ICE cleared OTC contracts, ICE has supported and assisted the International Swaps and Derivatives Association (ISDA) with the legal processes associated with the transition. As of the market open on Monday December 9, ICE Brent contracts in March 2016 contract months onwards, are trading with a 'month-ahead' expiry calendar, with the same contract specifications and contract codes. Movement of positions required by customers has been minimised accordingly. David Peniket, President and COO, ICE Futures Europe said: "We have been consulting with market and industry participants for the last two years on the most appropriate approach for transitioning to a new Brent expiry calendar. We would like to thank our customers for their efforts in completing this transition, helping to ensure that Brent continues to evolve to reflect developments in the underlying physical markets and further strengthening its role as the world's leading crude oil benchmark."