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IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported record open interest in ICE Brent Futures of 975,335 contracts on 21 October 2011. The new record surpassed the previous ICE Brent Futures open interest record of 968,565 contracts set on 24 January 2011.
ICE Futures Europe also set an exchange-wide open interest record of 4,579,786 contracts on 21 October.
Volume growth in the ICE Brent futures contract has been spurred by the growing demand for risk management in the regulated energy futures markets, coupled with ICE's highly liquid, accessible markets. Because it is seaborne, Brent light sweet crude has become the primary reference point for pricing some 65% of the world's crude oil from the North Sea to the Middle East, Africa and Asia.
Recent announcements by commodity indexes to introduce and increase the weighting of ICE Brent Futures further demonstrates Brent's role as the world's leading crude oil benchmark.
Since its introduction in 1988, the Brent contract has evolved to reflect the changing market fundamentals in the North Sea and the requirements of market participants. Following the change to the assessment of the cash 'BFOE' forward and Dated Brent market from a 21-day to a 25-day basis, ICE Futures Europe announced that it would open a formal consultation period, through to 21 October 2011, in relation to the proposed introduction of ICE Brent New Expiry (NX) Futures and Options.
