Mondo Visione Worldwide Financial Markets Intelligence

FTSE Mondo Visione Exchanges Index:

ICE Reports Record Futures Volume In 2010 - ADV Up 26% - 2010 OTC Energy ADC Up 14% To A Record $1.4 Million - $14.6 Trillion Cleared In CDS To Date

Date 04/01/2011

IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported record futures volumes for 2010. ICE's futures exchanges established annual volume and average daily volume (ADV) records of 329 million contracts and 1,305,553 contracts, respectively. Annual volume at ICE Futures Europe and ICE Futures U.S. surpassed 200 million contracts and 100 million contracts, respectively, for the first time.

ICE also reported OTC energy average daily commissions (ADC) of $1.33 million in the fourth quarter of 2010 and a record $1.37 million for the full year.

Said ICE Chairman and CEO, Jeffrey C. Sprecher : "ICE's positioning in the global commodity markets continued to drive strong volume growth in 2010. From Brent crude oil to Sugar No. 11 and the U.S. Dollar Index, ICE's business reflects the demand for hedging and risk management that emerging and developed economies require. We continue to invest in our clearing businesses in advance of the implementation of financial reform to bring the benefits of transparency and security to the vital OTC markets."

Global Futures Exchanges

ICE operates four regulated futures exchanges: ICE Futures Europe, ICE Futures U.S., ICE Futures Canada and the Chicago Climate Futures Exchange (CCFE).

  • December 2010 ADV across all ICE futures exchanges grew 12% from December 2009 , to 1,111,319 contracts.
  • Fourth quarter 2010 ADV for all ICE futures contracts increased 21% from fourth quarter 2009, to 1,265,388 contracts.
  • ADV for the full year 2010 for all ICE futures contracts was a record 1,305,553 contracts, 26% higher than 2009. ICE Futures Europe and ICE Futures U.S. established their 13th and eighth consecutive annual volume records, respectively. ICE Futures Canada also established a new annual volume record.

Energy and Credit OTC Transaction Revenues

  • Fourth quarter ADC for ICE's OTC energy business were $1.33 million , in line with fourth quarter 2009 revenues.
  • ADC for 2010 were $1.37 million , an increase of 14% from 2009.
  • Fourth quarter revenues from ICE's credit default swap (CDS) trade execution, processing and clearing operations totaled $37 million , compared to $39 million in the fourth quarter of 2009. Fourth quarter CDS clearing revenues were $15 million compared to $10 million in the fourth quarter of 2009.
  • CDS revenues totaled $165 million for the full year 2010, in line with 2009 revenues.

2010 Review

First Quarter Highlights

  • Brent and Gasoil futures established daily volume, ADV and open interest records.
  • ICE Clear Europe received Derivatives Clearing Organization registration from the CFTC.
  • ICE launched 23 new cleared OTC energy contracts.
  • ICAP Energy announced ICAP TrueQuote, utilizing the WebICE trading platform.
  • ICE Futures Europe launched the Dutch Natural Gas /TTF futures contract.

Second Quarter 2010 Highlights

  • ICE Futures Europe established monthly ADV record in May with continuing strength in Brent and Gasoil futures.
  • ICE USDX futures established new monthly and ADV volume records in May.
  • ICE Futures U.S. and ICE Futures Canada established monthly volume records in June.
  • YellowJacket instant trade negotiation service was extended to equity options.
  • ICE Trust buy-side clearing for CDS reached $1 billion in gross notional value in June, following launch in December 2009 .

Third Quarter 2010 Highlights

  • In September, an ADV record of 1,483,540 contracts was established across ICE's futures exchanges.
  • ICE Futures Europe established a monthly volume record of 20 million contracts in September.
  • ICE Futures U.S. established an ADV record of 508,290 contracts in September.
  • ICE completed its acquisition of Climate Exchange.

Fourth Quarter 2010 Highlights

  • Gasoil futures established three daily volume records in the quarter.
  • ICE Futures Europe launched two new German natural gas futures contracts.
  • ICE launched more than 70 new cleared OTC energy contracts, and the new ICE ECX Emission Reduction Unit (ERU) futures.
  • ICE Futures Canada established a monthly volume ADV record in October.
  • ICE introduced ICE mobile for the iPhone and iPad in conjunction with its acquisition of TradeCapture OTC.

December 2010 Review

  • ICE Futures Europe records:
    • The exchange established an open interest record of 3,744,140 contracts on December 8 .
  • On December 9 , the Board of Directors of ICE Futures U.S. approved the addition of Brazil as a deliverable origin for the Coffee "C" futures contract.
  • Environmental Finance and Carbon Finance Magazine's 11th Carbon Finance Annual Market Survey recognized ICE Futures Europe, Chicago Climate Futures Exchange and Chicago Climate Exchange as best exchanges for a variety of global environmental markets.
  • ICE senior management received top honors for management capability from Rivel Research Group , and ICE CFO Scott Hill was named CFO of the Year by the CFO Roundtable.
  • Tullett Prebon , a leading intermediary in global wholesale markets, joined the ICE eConfirm Broker Matching Service.
  • Through December 23 , ICE's CDS clearing houses have cleared $14.6 trillion in gross notional value on a cumulative basis across 387,868 transactions. ICE currently lists 257 CDS contracts for clearing.
    • ICE Trust U.S. ( ICE Trust ) has cleared $8.8 trillion of gross notional value since inception, including $602 billion in single-name CDS, resulting in open interest of $557 billion . ICE Trust offers clearing for 37 indexes and 89 single-name contracts.
    • ICE Clear Europe has cleared euro 4.3 trillion ( $5.9 trillion ) of gross notional value since inception, including euro 677 billion ( $896 billion ) in single-name CDS, resulting in euro 475 billion ( $631 billion ) of open interest. ICE Clear Europe offers clearing for 30 indexes and 101 single-name contracts.
  • Trading days in December 2010 :
    • ICE Futures Europe: 22
    • ICE Futures U.S.: 22
    • ICE Futures Canada: 21
    • Chicago Climate Futures Exchange : 22

ICE Futures Contracts & Markets Monthly ADV


Product Line

ADV

December

2010

ADV

December

2009

ADV

% Change

ICE Brent Crude futures & options

354,968

287,668

23.4

ICE Gasoil futures & options

179,808

135,623

32.6

ICE WTI Crude futures & options

182,302

188,303

-3.2

ICE ECX emissions futures & options

19,572

16,976

15.3

Other futures contracts (1)

16,914

11,404

48.3

TOTAL ICE FUTURES EUROPE

753,564

639,974

17.7

Index futures & options (2)

131,971

134,914

-2.2

Sugar No. 11 futures & options     

101,367

117,096

-13.4

Other agricultural commodity contracts (3)

69,164

48,823

41.7

Currency futures and options contracts (4)

30,172

29,181

3.4

TOTAL ICE FUTURES U.S.

332,674

330,014

0.8

TOTAL ICE FUTURES CANADA & CCFE(5)

25,081

18,224

37.6

TOTAL FUTURES CONTRACTS

1,111,319

988,212

12.5


(1) "Other futures contracts" include ICE Middle East Sour Crude futures; ICE ASCI Gulf Coast Sour Crude futures; ICE Heating Oil futures; ICE Unleaded Gasoline Blendstock (RBOB) futures; ICE UK Natural Gas futures; ICE UK Electricity futures; ICE Coal futures; and ICE Dutch TTF Gas futures.

(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.

(5) ICE acquired Chicago Climate Futures Exchange (CCFE) on July 8, 2010. Prior-year amounts do not include CCFE volume and percentage change does not include CCFE prior-year volume.



ICE Futures Fourth Quarter 2010 and Year-to-Date ADV



4Q2010

4Q2009

Percent Change

ICE Futures Europe

847,948

688,598

23.1

ICE Futures U.S.

394,519

344,249

14.6

ICE Futures Canada & CCFE*

22,921

15,654

46.4

Total Futures ADV

1,265,388

1,048,501

20.7


12-mos 2010

12-mos 2009

Percent Change

ICE Futures Europe

861,872

652,463

32.1

ICE Futures U.S.

425,782

369,147

15.3

ICE Futures Canada & CCFE*

17,899

14,277

25.4

Total Futures ADV

1,305,553

1,035,887

26.0




ICE Futures Monthly, Quarterly and Year-to-Date Volume



December 2010

December 2009

Percent Change

ICE Futures Europe

16,578,411

14,079,436

17.7

ICE Futures U.S.

7,318,841

7,260,309

0.8

ICE Futures Canada & CCFE*

528,173

382,710

38.0

Total Futures Volume

24,425,425

21,722,455

12.4


4Q2010

4Q2009

Percent Change

ICE Futures Europe

54,268,699

44,070,252

23.1

ICE Futures U.S.

25,249,195

22,031,931

14.6

ICE Futures Canada & CCFE*

1,424,129

970,569

46.7

Total Futures Volume

80,942,023

67,072,752

20.7


12-mos 2010

12-mos 2009

Percent Change

ICE Futures Europe

217,191,785

165,725,488

31.1

ICE Futures U.S.

107,297,161

93,025,024

15.3

ICE Futures Canada & CCFE*

4,475,914

3,569,346

25.4

Total Futures Volume

328,964,860

262,319,858

25.4




ICE Futures Open Interest



December 31, 2010

December 31, 2009

ICE Futures Europe

3,329,205

2,647,694

ICE Futures U.S.

3,317,168

3,375,176

ICE Futures Canada** & CCFE*

282,412

118,181




*ICE acquired CCFE on July 8, 2010 . Prior-year amounts do not include CCFE volume and percentage change does not include CCFE prior-year volume.

** ICE Futures Canada open interest as of December 30, 2010 .

Rolling Three-Month Average Rate per Contract (RPC)



Product Line

Three Months Ending

December 2010

Three Months Ending

November 2010

Three Months Ending

October 2010

ICE Futures Europe

$1.57

$1.56

$1.53

ICE Futures U.S. Ag

$2.07

$2.08

$2.09

ICE Futures U.S. Fin

$0.93

$0.83

$0.80




ICE OTC Transaction & Clearing Revenues



4Q2010

3Q2010

2Q2010

OTC Energy ADC

$1.33 million

$1.36 million

$1.43 million

CDS Execution & Clearing

$37 million

$42 million

$43 million




RPC is calculated by dividing transaction revenues by contract volume, and may vary based on pricing, customer and product mix.

Historical futures volume, rate per contract and OTC commission data can be found at: http://ir.theice.com/supplemental.cfm