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IntercontinentalExchange (NYSE: ICE), a leading global exchange operator and over-the-counter (OTC) energy marketplace, today reported solid volume growth in all of its business segments for the month of October, including record volume at ICE Futures Europe and the Winnipeg Commodity Exchange, Inc. (WCE).
-- Average daily volume (ADV) at ICE Futures Europe reached 584,740
contracts traded in October 2007, an increase of 24% over October 2006.
-- ADV at ICE Futures U.S. was 194,020 contracts in October 2007, up 33%
from October 2006.
-- ADV at WCE in October 2007 was 19,444 contracts, an increase of 24%
compared to October 2006.
-- Average daily commissions for ICE's global OTC business were $952,374,
a 12% increase over October 2006.
-- Year-to-date, ADV at ICE Futures Europe and ICE Futures U.S. grew 50%
and 22%, respectively, compared to the first ten 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 record total volume in October 2007 of 13,449,030 contracts, up 30% from 10,367,903 contracts in October 2006. ADV rose 24% from 471,268 contracts in October 2006 to 584,740 contracts in October 2007. The ICE Brent Crude, WTI Crude and Gas Oil futures contracts each achieved record volume during the month.
The three-month rolling average rate per contract (RPC) for the period of August 2007 through October 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 $1.29 and $1.27 for the rolling three months ended September 2007 and August 2007, respectively.
On October 31, 2007, open interest for ICE Futures Europe was 1,860,331 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 39% to 4,462,453 contracts in October 2007, compared to volume of 3,208,233 contracts in October 2006. October 2007 ADV rose 33%, to 194,020 contracts, compared with 145,829 contracts in October 2006.
Electronic trading represented 85% of total ICE Futures U.S. agricultural commodity futures contracts traded in October 2007, compared to 79% in September. October 2007 ADV for electronically traded agricultural commodity futures was 108,596 contracts; total agricultural commodity futures ADV was 128,217 contracts.
The three-month rolling average RPC for the period of July 2007 through September 2007 was $2.07 for agricultural futures and options. RPC averaged $2.03 and $1.91 for the rolling three months ended August 2007 and July 2007, respectively. RPC for ICE Futures U.S. is reported one month in arrears.
October 2007 contract volume for ICE's Canadian futures business, WCE, reached an all-time record of 427,777 contracts, up 30% over October 2006. ADV for the month of October was 19,444 contracts, an increase of 24% over the prior year.
Global OTC Markets
In October 2007, ICE's average daily commissions represented the second highest month ever, reaching $952,374, an increase of 12% compared to $849,463 in October 2006. Average daily commissions reflect daily trading activity in ICE's OTC markets.
Additional October 2007 Highlights:
-- On October 1, ICE closed on its purchase of the assets of Chatham
Energy Partners, LLC. Chatham is a leading brokerage firm that
specializes in structuring and facilitating transactions in the OTC
markets for natural gas options. Chatham will support ICE's strategic
plans to develop the leading electronic marketplace for OTC natural gas
options.
-- ICE Futures U.S. announced that it will begin offering foreign exchange
futures electronically on the ICE trading platform on November 9, 2007.
-- Platts, a division of the McGraw-Hill Companies, announced an agreement
to integrate energy market data generated by trading in ICE's OTC
markets into Platts forward curve data products. These forward-pricing
products offer independent daily assessments of forward pricing in the
energy markets.
-- Trading days in October 2007:
-- ICE Futures Europe: 23
-- ICE Futures U.S. Agricultural: 23
-- ICE Futures U.S. Currency and Index: 23
-- Winnipeg Commodity Exchange: 22
-- ICE OTC: 23
-- ICE Futures Europe product records achieved for the month:
-- ICE Brent Crude futures had record volume of 5,575,013 contracts.
-- ICE WTI Crude futures had record volume of 5,025,161 contracts.
-- ICE Gas Oil futures had record volume of 2,580,691 contracts.
-- ICE Futures U.S. product records achieved for the month:
-- A monthly electronic volume record was set in Cotton futures with
390,663 contracts.
-- The Coffee "C" options set a monthly volume record of 340,022
contracts.
-- Open interest records were achieved in futures and options for both
Coffee "C" and Cotton.
-- WCE product records achieved for the month:
-- Canola futures set a monthly volume record of 396,852 contracts.
ICE Futures: October 2007 Average Daily Volume by Product
ADV ADV ADV ADV
October October % Change %
Product Line 2007 2006 Electronic (8)
ICE Brent Crude futures 242,392 209,471 15.7 n/a
ICE WTI Crude futures 218,485 169,653 28.8 n/a
ICE Gas Oil futures 112,204 84,390 33.0 n/a
Other contracts (1) 11,659 7,754 50.4 n/a
Total ICE Futures Europe 584,740 471,268 24.1 n/a
Sugar No. 11 futures 68,055 49,805 36.6 88.7
Other agricultural commodity
contracts (2) 116,994 85,163 37.4 80.2
Currency futures (3) 4,336 6,103 -29.0 n/a
Index futures (4) 4,107 4,093 0.4 75.2
Other contracts (5) 527 665 -20.7 n/a
Total ICE Futures U.S. 194,020 145,829 33.0 84.4
Total WCE (6) 19,444 15,655 24.2 100
TOTAL FUTURES CONTRACTS (7) 798,204 632,752 26.1 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 U.S. 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
Three Months Three Months Three Months
Product Line Ending Ending Ending
October 2007 September 2007 August 2007
ICE Futures Europe $1.28 $1.29 $1.27
Three Months Three Months Three Months
Ending Ending Ending
September 2007 August 2007 July 2007
ICE Futures U.S. (1) $2.07 $2.03 $1.91
(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
