IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported record futures volume and average daily volume (ADV) for the first quarter of 2010. Futures ADV increased 28% in the first quarter of 2010, including year-over-year growth of 24% for the month of March 2010. ICE also achieved record average daily commissions (ADC) of $1.37 million in its OTC energy business during the first quarter of 2010, an increase of 27% 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.
- March 2010 volume across all three ICE futures exchanges increased 30% from March 2009, to a record 29,594,776 contracts, with ICE Futures Europe and ICE Futures U.S. establishing monthly volume records of 19,311,987 and 9,994,181 contracts, respectively. ADV at ICE Futures Europe increased 34% to 839,652 contracts. ADV at ICE Futures U.S. was 434,530 contracts, an increase of 10% over March 2009.
- First quarter 2010 ADV for all ICE futures contracts grew 28% from the prior first quarter to a record 1,289,160 contracts. ICE Futures Europe and ICE Futures U.S. established new quarterly ADV records of 847,540 and 427,281 contracts, respectively. Volume across the exchanges increased 26% to a record 78,653,035 contracts.
Energy and Credit OTC Transaction Revenues
- First quarter 2010 ADC for ICE's OTC energy business were a record $1.37 million, up 27% from the first quarter of 2009.
- Revenues from ICE's credit default swap (CDS) trade execution, processing and clearing totaled $41 million, up 9% from the first quarter of 2009 and 5% from the fourth quarter of 2009, including $10 million from CDS clearing.
Operating and Financial Guidance Update
- On March 31, ICE entered into new aggregate $725 million three-year senior unsecured revolving credit facilities (the "New Credit Facilities") pursuant to a Credit Agreement with Wells Fargo Bank, National Association, as Administrative Agent, Bank of America, N.A., as Syndication Agent, and the lenders named therein. ICE continues to reserve $303 million of the $725 million for ICE's clearing houses and the remainder is available for general corporate purposes. In connection with entering the New Credit Facilities, ICE terminated a $300 million revolving credit facility that was scheduled to expire on April 9, 2010 and a $100 million revolving credit facility that was scheduled to expire on April 9, 2012. ICE does not expect the New Credit Facilities to have a material impact on its annual interest expense and reiterates its guidance of $20 million to $25 million for 2010.
March 2010 Review
- ICE Futures Europe records achieved in March:
- The ICE Brent Crude futures contract established a monthly volume record of 9,278,614 contracts.
- The ICE Gasoil futures contract established monthly volume and ADV records of 5,096,457 and 221,585 contracts, respectively.
- Volume and open interest records were also established for emissions and coal futures contracts.
- ICE Futures U.S. records achieved in March:
- The ICE U.S. Dollar Index (USDX) established a monthly ADV record of 30,759 contracts. First quarter 2010 ADV and open interest in the USDX increased 295% and 97%, respectively, over the prior first quarter.
- The USDX also set a daily volume record of 77,811 contracts on March 12.
- Through March 29, ICE's CDS clearing houses cleared $7.0 trillion in gross notional
value on more than 120,000 transactions. ICE now offers CDS clearing for 61 indexes and 126 single name instruments across the U.S. and Europe.
- ICE Trust U.S. (ICE Trust) cleared $4.6 trillion of gross notional value, including $73 billion in single-name CDS, resulting in open interest of $312 billion.
- ICE Clear Europe cleared euro 1.7 trillion ($2.4 trillion) of gross notional value, including euro 138 billion in single-name CDS, resulting in euro 198 billion ($267 billion) of open interest.
- On March 9, ICE marked the first anniversary of ICE Trust and announced the next set of initiatives for CDS clearing.
- On March 10, ICE Futures U.S. announced that the Russell 1000(R) Growth and Russell 1000(R) Value Index futures contracts will begin trading on May 3, 2010.
- On March 15, USDX options on futures began trading on the ICE electronic platform. USDX options continue to be offered on the ICE Futures U.S. options trading floor.
- Trading days in March 2010:
- ICE Futures Europe: 23
- ICE Futures U.S.: 23
- ICE Futures Canada: 23
Rate per contract, volumes and average daily commissions are estimated using best available current information. Final figures are reported in ICE's quarterly and annual filings with the Securities and Exchange Commission.
Historical futures volume, rate per contract and OTC commission data can be found at: