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IntercontinentalExchange (NYSE: ICE), a leading global exchange operator and over-the-counter (OTC) energy marketplace, today reported volume growth in all of its business segments for the month of November, including record OTC commissions.
-- Average daily volume (ADV) at ICE Futures Europe reached 587,461
contracts traded in November 2007, an increase of 30% over November
2006.
-- ADV at ICE Futures U.S. was 204,056 contracts in November 2007, up 13%
from November 2006.
-- ADV at the Winnipeg Commodity Exchange (WCE) in November 2007 was
13,427 contracts, an increase of 30% compared to November 2006.
-- Average daily commissions for ICE's global OTC business were a record
$976,099, a 35% increase over November 2006.
-- Year-to-date, ADV for ICE Futures Europe and ICE Futures U.S. grew 47%
and 20%, respectively, compared to the first 11 months of 2006.
Year-to-date average daily commissions for ICE's OTC markets increased
39% compared to the year-to-date period in 2006.
European Futures Volume and RPC
ICE Futures Europe reported total volume in November 2007 of 12,924,144 contracts, up 30% from 9,936,879 contracts in November 2006. ADV for the month was the second highest on record, rising 30% from 451,676 contracts in November 2006 to 587,461 contracts in November 2007. An exchange-wide daily volume record was set during the month, as were daily volume records for the ICE WTI Crude and Gas Oil futures contracts.
The three-month rolling average rate per contract (RPC) for the period of September 2007 through November 2007 was $1.28. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix. RPC averaged $1.28 and $1.29 for the rolling three months ended October 2007 and September 2007, respectively.
On November 30, 2007, open interest for ICE Futures Europe was 1,734,386 contracts, compared to 1,416,470 contracts at December 31, 2006.
North American Futures Volume and RPC
Total futures and options volume at ICE Futures U.S. increased 13% to 4,107,051 contracts in November 2007, compared to volume of 3,639,598 contracts in November 2006. November 2007 ADV rose 13%, to 204,056 contracts, compared with 180,506 contracts in November 2006.
Electronic trading represented 82% of total ICE Futures U.S. agricultural commodity futures contracts traded in November 2007, compared to 85% in October. ADV for electronically traded agricultural commodity futures was 123,676 contracts; total agricultural commodity futures ADV was 150,405 contracts in November 2007.
The three-month rolling average RPC for the period of August 2007 through October 2007 was $2.08 for agricultural futures and options. RPC averaged $2.07 and $2.03 for the rolling three months ended September 2007 and August 2007, respectively. RPC for ICE Futures U.S. is reported one month in arrears.
November 2007 contract volume for ICE's Canadian futures business, WCE, was 281,961 contracts, up 30% over November 2006. ADV for the month of November was 13,427 contracts, an increase of 30% over the prior year.
Global OTC Markets
In November 2007, ICE's average daily commissions reached a record $976,099, an increase of 35% compared to $723,330 in November 2006. Average daily commissions reflect daily trading activity in ICE's global OTC energy markets.
Additional November 2007 Information:
-- ICE was named as the 2007 Energy Exchange of the Year by Energy
Business. The award is conferred on the exchange that has excelled in
taking the exchange market forward to the benefit of the overall energy
marketplace.
-- ICE announced that upon the close of business on January 18, 2008,
ICE's primary trade matching engine for all OTC and futures products
will migrate permanently from Atlanta to the company's Chicago data
center location.
-- The Board of ICE Clear U.S. approved new eligibility requirements for
clearing members of ICE Clear U.S., effective December 17, 2007.
Clearing members will be required to hold only one exchange membership
and pledge 3,162 shares of ICE common stock, as well as additional
operational requirements of ICE Clear U.S. The minimum guaranty fund
deposit will increase from $500,000 to $2 million per clearing member;
the minimum capital requirement per clearing member remains $5 million.
-- Beginning December 10, 2007, WCE's futures and options on futures
contracts for Canola, Feed Wheat and Western Barley will transition to
the ICE platform.
-- The cleared and bilateral markets for NGX's North American physical
natural gas and Canadian electricity products will be offered alongside
ICE's markets on the ICE trading platform beginning in early 2008. A
mid-December launch date was extended to allow for additional testing
and customer configuration.
-- Trading days in November 2007:
-- ICE Futures Europe: 22
-- ICE Futures U.S. Agricultural: 20
-- ICE Futures U.S. Currency and Index: 22
-- Winnipeg Commodity Exchange: 21
-- ICE OTC: 21
-- ICE Futures Europe product records achieved for the month:
-- ICE Futures Europe had record exchange-wide daily volume of 875,375
contracts on November 29.
-- ICE WTI Crude futures achieved record daily volume of 385,502 on
November 29.
-- ICE Gas Oil futures had record daily volume of 186,124 contracts on
November 6.
-- ICE Gas Oil futures posted record average daily volume of 115,468
contracts for the month of November.
-- ICE WTI Crude futures established an open interest record on
November 8 of 649,982 contracts.
-- ICE Futures U.S. product records achieved for the month:
-- A monthly electronic volume record was set in Cotton futures with
536,587 contracts.
-- A daily electronic volume record for Cotton futures of 49,375
contracts was set on November 15.
-- Open interest records were established in Cotton futures, Sugar
options, Coffee options and US Dollar Index options.
-- WCE product records achieved for the month:
-- Canola futures reached the second highest daily volume ever with
17,139 contracts traded.
-- Open interest records were established for both the entire exchange
and the Canola futures contract.
ICE Futures: November 2007 Average Daily Volume by Product
Product Line ADV ADV ADV ADV
November November % Change %
2007 2006 Electronic(8)
ICE Brent Crude futures 244,694 196,724 24.4 n/a
ICE WTI Crude futures 216,019 157,001 37.6 n/a
ICE Gas Oil futures 115,468 90,148 28.1 n/a
Other contracts (1) 11,280 7,803 44.6 n/a
Ttl. ICE Futures Europe 587,461 451,676 30.1 n/a
Sugar No. 11 futures 72,606 45,937 58.1 88.0
Other agricultural
commodity contracts (2) 118,485 119,829 -1.1 76.9
Currency futures (3) 6,621 8,838 -25.1 8.0
Index futures (4) 5,461 5,301 3.0 73.5
Other contracts (5) 883 601 46.8 n/a
Ttl. ICE Futures U.S. 204,056 180,506 13.0 80.0
Total WCE (6) 13,427 10,324 30.1 100
TOTAL FUTURES
CONTRACTS (7) 804,944 642,506 25.3 n/a
(1) "Other contracts" include ICE Middle East Sour Crude futures, which began trading May 21, 2007; ICE Heating Oil futures; ICE Unleaded Gasoline Blendstock (RBOB) futures; ICE UK Natural Gas futures; ICE-ECX CFI futures; ICE UK Electricity futures; ICE Coal futures; ICE Brent options; ICE WTI options, and ICE Gas Oil options. The ICE-ECX CFI futures contract is the result of a cooperative relationship between ICE Futures Europe and the Chicago Climate Exchange, Inc. and its subsidiary, the European Climate Exchange. ICE Futures Europe shares in the revenue derived from the ECX CFI Futures contract.
(2) "Other agricultural commodity contracts" include futures and/or options for Cocoa, Coffee "C", Cotton No. 2, Orange Juice, Sugar No. 14 and Sugar No. 11 options.
(3) "Currency contracts" include futures for foreign exchange products.
(4) "Index contracts" include futures for the US Dollar Index, Russell 2000, Russell 2000 mini, Russell 1000, Russell 1000 mini, the Continuous Commodity Index, the Euro Index, and the NYSE Composite.
(5) "Other contracts" include options on foreign exchange futures and options on index futures.
(6) "WCE contracts" include futures and options for Canola, Feed Wheat and Western Barley.
(7) ICE Futures U.S. was acquired by ICE on January 12, 2007 and WCE was acquired by ICE on August 27, 2007. The 2006 data is included for comparison purposes.
(8) ADV % Electronic calculation applies to ICE Futures U.S. and excludes products that were not available for electronic trading at any time during the month. ICE Futures Europe is an electronic exchange.
ICE Futures: Rolling Three-Month Average Rate per Contract
Product Line Three Months Three Months Three Months
Ending Ending Ending
November 2007 October 2007 September 2007
ICE Futures Europe $1.28 $1.28 $1.29
Three Months Three Months Three Months
Ending Ending Ending
October 2007 September 2007 August 2007
ICE Futures U.S. (1) $2.08 $2.07 $2.03
(1) RPC for ICE Futures U.S. represents agricultural commodities only and is reported one month in arrears.
Historical futures volume and OTC commission data can be found at: www.theice.com/marketdata/recordsAndVolumes/volumes2007.jsp
