The new set of products consists of ten OTC swap contracts based on North American financially-settled natural gas, which are currently offered on the ICE platform on a bilateral basis. The contracts that will soon be available for OTC clearing include:
- CIG Basis Swap (Inside FERC)
- Dominion Basis Swap (Inside FERC)
- Panhandle Basis Swap (Inside FERC)
- Permian Basis Swap (Inside FERC)
- San Juan Basis Swap (Inside FERC)
- TCO Basis Swap (Inside FERC)
- TETCO M3 Basis Swap (Inside FERC)
- Texok Basis Swap (Inside FERC)
- Transco Z6 Basis Swap (Inside FERC)
- Waha Basis Swap (Inside FERC)
ICE pioneered the concept of cleared OTC energy contracts, which provide participants with access to centralized clearing and settlement arrangements while reducing bilateral credit risk and capital required for each OTC trade. ICE provides its cleared OTC products through established clearing firms on the ICE platform and in cooperation with LCH.Clearnet, the largest clearinghouse in Europe. The cleared contracts also enable participants transacting both in ICE Futures markets and ICE’s OTC markets to cross-margin their positions.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release regarding IntercontinentalExchange’s business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including, but not limited to, the benefits associated with the launch of new cleared OTC contracts. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the Company’s Securities and Exchange Commission filings, including, but not limited to, the risk factors in Item 1(a) of the Company's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 10, 2006, which are incorporated by reference into this press release.
About IntercontinentalExchange
IntercontinentalExchange® (NYSE: ICE) operates the leading electronic global futures and OTC marketplace for trading energy commodity contracts, including crude oil and refined products, natural gas, power and emissions. ICE conducts its markets for futures trading through its regulated subsidiary, ICE Futures (formerly the International Petroleum Exchange, or IPE), Europe's leading energy futures and options exchange. ICE also offers a range of risk management and trading support services, including cleared OTC contracts, electronic trade confirmations and energy market data. ICE's common stock began trading on the New York Stock Exchange on November 16, 2005. ICE is based in Atlanta, Georgia with offices in Calgary, Chicago, Houston, London, New York and Singapore. For more information, please visit www.theice.com.
