IntercontinentalExchange Group (NYSE: ICE), the leading global network of exchanges and clearing houses, today reported exchange traded volumes for January 2014.
ICE’s January average daily volume (ADV) for global derivatives was 10.4 million contracts, a decrease of 8% compared to January 2013.
- Total commodities ADV increased 15% driven by strength in natural gas and agriculture contract volume.
- Total financial ADV declined 24% primarily due to lower volatility in European interest rates relative to the strong volumes in January 2013 as a result of the long term repo operation (LTRO) repayment. This was partially offset by a 20% increase in equity index ADV driven by volatility in the equity markets.
January U.S. cash equities ADV declined 2% and European cash equities ADV increased 22% from the prior January.
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ICE Futures & Options ADV (contracts in 000s) |
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ADV Jan 2014 |
ADV Jan 2013 |
Change y/y |
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| COMMODITIES | |||||||||||
| Energy | |||||||||||
| Brent | 661 | 676 | -2 | % | |||||||
| Gasoil | 245 | 290 | -15 | % | |||||||
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Other Oil(1) |
260 | 262 | 0 | % | |||||||
| TOTAL OIL | 1,167 | 1,228 | -5 | % | |||||||
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Natural Gas(2) |
1,430 | 1,307 | 9 | % | |||||||
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Power(3) |
929 | 512 | 81 | % | |||||||
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Emissions & Other(4) |
48 | 45 | 5 | % | |||||||
| TOTAL ENERGY | 3,573 | 3,093 | 16 | % | |||||||
| Agricultural | |||||||||||
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Sugar(5) |
151 | 140 | 8 | % | |||||||
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Other Ags(6) |
179 | 169 | 6 | % | |||||||
| TOTAL AGRICULTURAL | 330 | 309 | 7 | % | |||||||
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TOTAL METALS(7) |
3 | 6 | -45 | % | |||||||
| TOTAL COMMODITIES | 3,907 | 3,408 | 15 | % | |||||||
| FINANCIALS | |||||||||||
| Interest Rates | |||||||||||
| Short-term Interest Rates | 2,051 | 2,857 | -28 | % | |||||||
| Medium & Long-Term Interest Rates | 150 | 168 | -11 | % | |||||||
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DTCC GCF Repo Index & Other(8) |
4 | 29 | -87 | % | |||||||
| TOTAL INTEREST RATES | 2,205 | 3,054 | -28 | % | |||||||
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TOTAL EQUITY INDICES(9) |
276 | 229 | 20 | % | |||||||
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TOTAL FX(10) |
26 | 33 | -19 | % | |||||||
| TOTAL FINANCIALS | 2,507 | 3,316 | -24 | % | |||||||
| EQUITY DERIVATIVES | |||||||||||
| US Equity Options | |||||||||||
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NYSE Equity Options(11) |
3,976 | 4,584 | -13 | % | |||||||
| Total U.S. Options Volume | 16,745 | 15,584 | 7 | % | |||||||
| NYSE Share of Group Total | 24 | % | 29 | % | -6pts | ||||||
| UK Single Stock Equities | 16 | 30 | -47 | % | |||||||
| TOTAL EQUITY DERIVATIVES | 3,991 | 4,614 | -13 | % | |||||||
| TOTAL FUTURES & OPTIONS | 10,406 | 11,338 | -8 | % | |||||||
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(1) |
“Other Oil” includes futurized oil contracts, WTI, Heating Oil, RBOB Gasoline and Middle East Sour Crude. Excludes Daily Brent Bullet contracts. |
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(2) |
“Natural Gas” includes North American, UK and European Natural Gas. |
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(3) |
“Power” includes North American, UK and European Power. |
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(4) |
“Emissions & Other” includes all power contracts, emissions, freight, coal, iron ore and uranium. |
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(5) |
“Sugar” includes Sugar No. 11, Sugar No. 16 and White Sugar. |
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(6) |
“Other Ags” includes Cocoa, Coffee “C”, Coffee 20 Tonne, Cotton No. 2, Orange Juice, Corn, Wheat-Feed, Soybeans, Barley and Canola. |
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(7) |
“TOTAL METALS” includes Mini Gold and Mini Silver. |
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(8) |
“DTCC GCF Repo & Other” includes DTCC GCF Repo, Treasuries and Eurodollar contracts. |
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(9) |
“TOTAL EQUITY INDICES” includes FTSE 100, FTSE 100 Dividend, FTSE Eurofirst 80, FTSE EPRA Eurozone and FTSE EPRA Europe, Russell 2000®and Russell 1000® and Continuous Commodity Index and as of June 17, 2013, MSCI EAFE, MSCI Emerging Markets, MSCI Euro, MSCI Pan-Euro, MSCI Canada, MSCI EM Latin America and MSCI World and credit index futures. |
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(10) |
“TOTAL FX” includes futures and options for the U.S. Dollar Index and foreign exchange. |
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(11) |
“NYSE Equity Options” includes NYSE Amex Options and NYSE Arca Options trading in U.S. equity options contracts. |
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Financial Guidance and Reporting
- ICE’s fourth quarter 2013 results, which will be reported on Tuesday, February 11th, will include the following items which are not indicative of ICE’s business performance and will be excluded from non-GAAP results:
- Acquisition-related transaction and integration costs of approximately $130 million, relating to the NYSE Euronext acquisition.
- An approximate $190 million impairment expense primarily due to the devaluation of the Brazilian reais associated with Cetip since the investment in July 2011.
- An approximate $50 million pre-payment expense associated with $400 million in senior notes repaid.
- A $4 million net tax impact related to the aforementioned items and certain foreign tax law changes.
- ICE’s diluted shares outstanding for purposes of calculating fourth quarter 2013 and full year 2013 EPS are 96 million shares and 79 million shares, respectively.
- Historical futures, options and cash ADV, rate per contract and open interest data in the new reporting format can be found at: http://ir.theice.com/supplemental.cfm.
- Euronext cash RPC will be reported on a quarterly basis in the volume press release.
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ICE Futures & Options Rolling Three-Month Average Rate per Contract (RPC) |
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Futures & Options Products |
Three Months
Ending Jan 2014 |
Three Months
Ending Dec 2013 |
Three Months
Ending Nov 2013 |
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| Energy | $ | 0.94 | $ | 0.96 | $ | 1.01 | |||
| Agricultural | $ | 2.33 | $ | 2.34 | $ | 2.37 | |||
| Total Commodities | $ | 1.06 | $ | 1.07 | $ | 1.14 | |||
| Interest Rates | $ | 0.50 | $ | 0.48 | $ | 0.47 | |||
| Total Financials | $ | 0.55 | $ | 0.53 | $ | 0.52 | |||
| Total Equity Derivatives | $ | 0.16 | $ | 0.16 | $ | 0.15 | |||
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RPC is calculated by dividing transaction revenues by contract volume, and may vary based on pricing, customer and product mix. |
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ICE Futures & Options Open Interest (contracts in 000s) |
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Jan 31, 2014 |
Dec 31, 2013 | |||
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Energy* |
94,153 | 88,425 | ||
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Agricultural |
3,836 | 3,368 | ||
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Total Commodities |
97,993 | 91,797 | ||
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Interest Rates |
22,719 | 18,101 | ||
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Total Financials |
26,753 | 22,026 | ||
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*Energy OI excluding U.S. power contracts for January 2014 and December 2013 were 34,855 and 34,013 contracts, respectively. |
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ICE Futures & Options Volume (contracts in 000s) |
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| Futures & Options Products | Jan-14 | Jan-13 |
Vol % Change |
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| Commodities | 82,052 | 71,637 | 15 | % | |||
| Financials | 52,648 | 72,831 | -28 | % | |||
| Equity Derivatives | 83,820 | 96,918 | -14 | % | |||
| TOTAL CONTRACTS | 218,521 | 241,386 | -9 | % | |||
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U.S. Cash Products (shares in millions) |
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| ADV Jan 2014 | ADV Jan 2013 |
Change y/y |
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| NYSE Listed (Tape A) Issues | |||||||||
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Handled Volume(1) |
1,050 | 1,122 | -6 | % | |||||
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Matched Volume(2) |
1,019 | 1,076 | -5 | % | |||||
| Total NYSE Listed Consolidated Volume | 3,640 | 3,622 | 0 | % | |||||
| Share of Total Matched Consolidated Volume | 28 | % | 30 | % | -2pts | ||||
| NYSE Arca, MKT and Regional (Tape B) Issues | |||||||||
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Handled Volume(1) |
262 | 217 | 21 | % | |||||
| Matched Volume(2) | 246 | 200 | 23 | % | |||||
| Total NYSE Arca, MKT and Listed Consolidated Volume | 1,183 | 951 | 24 | % | |||||
| Share of Total Matched Consolidated Volume | 21 | % | 21 | % | - | ||||
| Nasdaq Listed (Tape C) Issues | |||||||||
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Handled Volume(1) |
206 | 215 | -4 | % | |||||
| Matched Volume(2) | 185 | 190 | -3 | % | |||||
| Total Nasdaq Listed Consolidated Volume | 2,140 | 1,874 | 14 | % | |||||
| Share of Total Matched Consolidated Volume | 9 | % | 10 | % | -1pt | ||||
| TOTAL U.S. Cash Products Handled | 1,518 | 1,554 | -2 | % | |||||
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(1) “Handled Volume” represents the total number of shares of equity securities, ETFs and crossing session activity internally matched on NYSE Group’s exchanges or routed to and executed on an external market center. |
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(2) “Matched Volume” represents the total number of shares of equity securities, ETFs and crossing session activity executed on NYSE Group’s exchanges. |
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U.S. Cash Monthly Product Revenue Capture |
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Jan 2014 |
Dec 2013 |
Nov 2013 |
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| U.S. Cash Products | $ | 0.049 | $ | 0.049 | $ | 0.049 | |||
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Euronext Cash Products and Derivatives (contracts in 000s) |
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| ADV Jan 2014 | ADV Jan 2013 |
ADV % Change |
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| Euronext Cash Products(1) | 1,582 | 1,293 | 22 | % | |||
| Euronext Derivatives(2) | 613 | 617 | -1 | % | |||
| (1) Includes Equities, ETFs, Structured products and bonds. | |||||||
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(2) Includes Equity Index products, Single Stock equities, Currencies, Wheat-Milling, Rapeseed, Corn and Barley Malting products. |
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Credit Derivatives Clearing
- Through January 31, ICE has cleared $48 trillion in gross notional value on a cumulative basis across 1.6 million trades with open interest of $1.5 trillion. Buy-side clearing of CDS totaled $4.4 trillion since the launch of client clearing at ICE Clear Credit in December of 2009. ICE lists approximately 400 CDS instruments for clearing. A complete summary of CDS clearing can be found at: https://www.theice.com/clear_credit.jhtml.
January 2014 Review
- NYSE Liffe launched futures based on MSCI Factor Indices.
- ICE Benchmark Administration (IBA) became the new administrator of the London Interbank Offered Rate (LIBOR) benchmark effective February 1.
- 10 IPOs listed on NYSE in January, raising $4.7 billion in proceeds and capturing 86% market share in proceeds raised.
- Monthly total volume and ADV records were established in European natural gas futures, heating oil futures and emissions options contracts.
- Daily volume records were established in short sterling and short sterling mid curve futures of 1,985,547 and 813,880 contracts, respectively.
- Open interest records were established in European natural gas options, low sulphur gasoil futures, sugar 16 futures and various coal futures and options contracts.
- ICE closed the NYSE Euronext transaction on November 13, 2013. For comparison purposes in the volumes release, we include NYSE Euronext volumes for all periods covered.
Trading days in January 2014:
- Global Derivatives: 21
- US Cash Equities: 21
- Euronext Cash Equities: 22
