IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported futures volume and average daily volume (ADV) for March and the first quarter of 2012. ICE's futures ADV grew 1% for the month of March 2012 compared to March 2011. ICE achieved record average daily commissions (ADC) of $1.95 million in its OTC energy business during the quarter, up 20% from the prior first quarter.
Global Futures Exchanges
ICE operates three regulated futures exchanges: ICE Futures Europe, ICE Futures U.S. and ICE Futures Canada.
- ICE's futures ADV in March 2012 increased 1% from March 2011 to 1,515,327 contracts. ADV at ICE Futures Europe was flat at 1,055,330 contracts. ADV at ICE Futures U.S. and ICE Futures Canada increased 3% and 60%, respectively, from the prior March.
- First quarter 2012 futures ADV declined 3% from the prior first quarter to 1,555,519 contracts and total quarterly futures volume was 96,466,522 contracts.
Energy and Credit OTC Transaction Revenues
- First quarter 2012 ADC for ICE's OTC energy markets were a record $1.95 million, an increase of 20% from the first quarter of 2011.
- Revenues from ICE's credit default swap (CDS) trade execution, processing and clearing operations were $40 million, up 2% from the first quarter of 2011, including $16 million in CDS clearing revenues.
Operating and Financial Guidance Update
- ICE expects acquisition expenses for the three months ended March 31, 2012 in the range of $3 million to $4 million. M&A is a component of ICE's growth strategy, thus acquisition expenses will not be excluded on a non-GAAP basis, unless the expenses relate to transaction completion or financing.
2012 Annual Meeting of Stockholders
- ICE's 2012 Annual Meeting of Stockholders will be held on Friday, May 18, 2012, at 8:30 a.m. ET at the Ritz-Carlton, Buckhead located at 3434 Peachtree Road NE, Atlanta, Georgia 30326. Attendees must present proof of ownership as of the close of business on March 20, 2012, which is the record date for the annual meeting of stockholders.
March 2012 Review
- ICE Futures Europe records:
- ICE Brent options set a monthly volume record of 558,272 contracts. Monthly volume and ADV records were achieved in ICE Heating Oil and NY Harbor Unleaded (RBOB) Gasoline futures contracts.
- The exchange set an open interest record of 5,135,368 contracts on March 30. During the month, open interest records were established in ICE Brent futures and options, ICE Rotterdam Coal futures and options, ICE Dutch Natural Gas, Heating Oil, RBOB and EUAA futures, and UK Natural Gas options contracts.
- ICE Futures U.S. records:
- ICE U.S. Dollar Index (USDX) futures had record daily volume of 82,689 contracts on March 14.
- ICE announced plans to launch OTC FX clearing services in the second quarter, subject to regulatory approvals.
- ICE introduced "Plus One", an innovative execution-to-clearing workflow for OTC swaps that supports credit risk management.
- ICE's Creditex subsidiary, in conjunction with Markit, held a Credit Event Auction to settle CDS trades on Hellenic Republic sovereign debt on March 19.
- ICE announced the introduction of Interval Price Limits, a market circuit breaker functionality, to markets on ICE Futures U.S. and ICE Futures Europe.
- On March 19, ICE launched 28 new cleared OTC contracts for natural gas liquids, North American natural gas and power, crude and refined petroleum products.
- Through March 30, ICE's CDS clearing houses have cleared $29.2 trillion in gross notional value on a cumulative basis across 851,784 transactions. ICE currently lists 337 CDS instruments for clearing.
- ICE Clear Credit has cleared $17.0 trillion of gross notional value since inception, including $1.4 trillion in single-name CDS, resulting in open interest of $902 billion. ICE Clear Credit offers clearing for 42 indexes and 132 corporate single-name instruments and four Latin American sovereign instruments.
- ICE Clear Europe has cleared EUR 9.0 trillion ($12.2 trillion) of gross notional value since inception, including EUR 1.2 trillion ($1.7 trillion) in single-name CDS, resulting in EUR 569 billion ($759 billion) of open interest. ICE Clear Europe offers clearing for 38 indexes and 121 single-names.
- Trading days in March 2012:
- ICE Futures Europe: 22
- ICE Futures U.S.: 22
- ICE Futures Canada: 22
ICE Futures Contracts & Markets Monthly ADV
Product Line
ADV
March
2012
ADV
March
2011
ADV
% Change
ICE Brent Crude futures & options
575,479
489,899
17.5
ICE Gasoil futures & options
251,387
290,301
-13.4
ICE WTI Crude futures & options
138,007
204,367
-32.5
ICE ECX emissions futures & options
33,625
33,371
0.8
Other futures contracts (1)
56,832
37,737
50.6
TOTAL ICE FUTURES EUROPE
1,055,330
1,055,675
0.0
Index futures & options (2)
175,158
187,284
-6.5
Sugar No. 11 futures & options
128,486
103,473
24.2
Other agricultural commodity contracts (3)
94,604
90,985
4.0
Currency futures and options contracts (4)
36,862
40,999
-10.1
TOTAL ICE FUTURES U.S.
435,110
422,741
2.9
TOTAL ICE FUTURES CANADA & CCFE
24,887
16,017
55.4
TOTAL FUTURES CONTRACTS
1,515,327
1,494,433
1.4
(1) "Other futures & options contracts" include ICE UK Natural Gas futures; ICE Coal futures; ICE Dutch TTF and German Natural Gas futures; ICE UK Electricity futures; ICE Heating Oil futures; ICE Unleaded Gasoline Blendstock (RBOB) futures; and Coal and Natural Gas options.
(2) "Index futures & options" includes Russell 2000® mini futures and options and futures for the Russell 1000® mini, the Continuous Commodity Index, the Euro Index and the NYSE Composite.
(3) "Other agricultural commodity contracts" include futures and/or options for Cocoa, Coffee "C", Cotton No. 2, Orange Juice, Sugar No. 14 and Sugar No. 16.
(4) "Currency futures and options" include futures and options for the U.S. Dollar Index and foreign exchange.ICE Futures First Quarter ADV
1Q2012
1Q2011
Percent Change
ICE Futures Europe
1,120,606
1,151,645
-2.7
ICE Futures U.S.
410,231
424,331
-3.3
ICE Futures Canada & CCFE
24,682
20,147
22.5
Total Futures
1,555,519
1,596,123
-2.5
ICE Futures Monthly and Quarterly Volume
March 2012
March 2011
Percent Change
ICE Futures Europe
23,217,252
24,280,517
-4.4
ICE Futures U.S.
9,572,414
9,723,050
-1.5
ICE Futures Canada & CCFE
547,521
368,387
48.6
Total Futures
33,337,187
34,371,954
-3.0
1Q2012
1Q2011
Percent Change
ICE Futures Europe
69,477,563
71,402,007
-2.7
ICE Futures U.S.
25,434,329
26,308,504
-3.3
ICE Futures Canada & CCFE
1,554,630
1,249,136
24.5
Total Futures
96,466,522
98,959,647
-2.5
ICE Futures Open Interest
March 31, 2012
December 31, 2011
ICE Futures Europe
5,135,368
3,905,986
ICE Futures U.S.
2,909,168
2,680,454
ICE Futures Canada & CCFE
236,983
170,894
Rolling Three-Month Average Rate per Contract (RPC)
Product Line
Three Months
EndingMarch 2012
Three Months
Ending
February 2012Three Months
EndingJanuary 2012
ICE Futures Europe
$1.56
$1.60
$1.62
ICE Futures U.S. Ag
$2.68
$2.71
$2.55
ICE Futures U.S. Fin
$0.93
$0.86
$0.90
RPC is calculated by dividing transaction revenues by contract volume, and may vary based on pricing, customer and product mix.
ICE OTC Transaction & Clearing Revenues
1Q2012
4Q2011
1Q2011
OTC Energy ADC
$1.95 million
$1.61 million
$1.63 million
CDS Execution & Clearing
$40 million
$41 million
$39 million
Historical futures volume and OTC commission data can be found at:
http://ir.theice.com/supplemental.cfm