.jpg)
IntercontinentalExchange(R) (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported strong growth in futures volumes and OTC energy commissions in the third quarter of 2009. Each of ICE's futures exchanges recorded year-over-year average daily volume (ADV) increases for the month of September 2009.
Global Futures Exchanges
ICE operates three regulated futures exchanges: ICE Futures Europe(R), ICE Futures U.S.(R) and ICE Futures Canada(R).
-- September 2009 ADV across all three ICE futures exchanges increased 9%
over September 2008, to a record 1,168,431 contracts, including record
ADV at ICE Futures U.S.
-- Third quarter 2009 ADV for all ICE Futures contracts increased 24% over
third quarter 2008, to a record 1,062,429 contracts. ICE Future Europe
established new ADV and total volume records of 676,020 and 43,265,279
contracts, respectively, in the quarter.
-- ADV for the first nine months of 2009 for all ICE Futures contracts was
1,031,737 contracts, up 12% over the same period of 2008.
Energy and Credit OTC Transaction Revenues
-- Third quarter average daily commissions (ADC) for ICE's OTC energy
business were $1.25 million, up 13% from the third quarter of 2008 and
an increase of 11% sequentially. ADC in the third quarter of 2009 was
the second highest quarterly ADC on record.
-- ICE's credit default swap (CDS) trade execution, processing and clearing
revenues totaled $43.1 million, up 5% from the third quarter of 2008 on
a pro-forma basis and down 3% from the second quarter of 2009. ICE
acquired Creditex in August 2008 and did not offer CDS clearing in 2008.
Operating and Financial Guidance Update
-- Both ICE Trust(TM) and ICE Clear Europe(R) are operationally ready to
begin clearing single name CDS contracts and are working with regulators
to secure the required final approvals, which are expected to be
received in October 2009.
-- Working closely with CDS market participants, ICE now expects to
complete the development of its buy-side solution for CDS clearing by
the end of October. Pending regulatory approvals, testing and
soft-launch are expected in November, and a full launch is expected by
December 15, 2009, keeping with industry commitments to regulators for a
customer solution by that date.
-- ICE expects non-cash compensation expense to be $14 million in the third
quarter of 2009, and in the range of $13 million to $14 million in the
fourth quarter of 2009. The updated guidance reflects true-ups related
to the vesting of stock options and restricted stock, as well as
improved financial expectations versus full-year performance objectives
based on strong third quarter 2009 results
-- ICE expects CDS clearing revenues in the third quarter of 2009 to be
approximately $13 million. As a result, ICE expects full year 2009 CDS
clearing revenues to be at or above the high end of prior CDS clearing
revenue guidance of $20 million to $30 million. ICE is also updating its
guidance for CDS clearing expenses, with $10 million expected in the
third quarter of 2009 due to increased professional services expenses
associated with the development of key CDS clearing initiatives during
the quarter. Fourth quarter CDS clearing expenses are expected to be in
line with prior guidance of $6 million to $8 million.
September 2009 Recap
-- Through September 25, ICE's CDS clearing houses have cleared over $2.75
trillion in notional value, across 33,872 transactions.
-- Since its inception in March 2009, ICE Trust has cleared $2.2
trillion of notional value, resulting in $187 billion of open
interest.
-- ICE Clear Europe has cleared Euro 377 billion ($552 billion) of
notional value since its July 2009 launch, resulting in Euro 42
billion of open interest.
-- On September 3, ICE Trust announced that BNP Paribas became its
thirteenth clearing member.
-- On September 8, ICE announced that it will provide trade date clearing
concurrent with the launch of its segregated funds credit derivatives
clearing solution.
-- On September 17, ICE published a statement reiterating its view that
position limits and hedge exemptions should be established by the
Commodity Futures Trading Commission.
-- On September 22, ICE Futures U.S. announced it will waive all exchange
and clearing fees for electronically traded foreign exchange futures
contracts from October 1 through December 31, 2009.
-- On September 28, ICE introduced 43 new OTC cleared energy contracts for
North American electricity, natural gas, natural gas liquids and oil.
-- Trading days in September 2009:
-- ICE Futures Europe: 21
-- ICE Futures U.S.: 21
-- ICE Futures Canada: 21
-- ICE Futures Europe records achieved in September 2009:
-- Volume and ADV records were established for U.K. natural gas and
emissions EUA Daily futures.
-- Open interest records were established for ICE Gasoil futures as
well as several emissions and coal futures contracts.
-- ICE Futures U.S. records achieved in September 2009:
-- A monthly volume record of 124,468 contracts was established in the
Russell 1000 Mini futures contract, including a daily record of
67,989 on September 11. Record open interest was also achieved in
the contract on September 15.
ICE Futures Contracts & Markets Monthly ADV
ADV ADV ADV
September September % Change
Product Line 2009 2008
------------ --------- --------- --------
ICE Brent Crude futures & options 313,989 272,147 15.4
ICE WTI Crude futures & options 192,350 201,816 -4.7
ICE Gasoil futures & options 157,823 137,034 15.2
ICE ECX emissions futures & options (1) 20,689 12,039 71.8
Other futures contracts (2) 17,119 6,438 165.9
TOTAL ICE FUTURES EUROPE 701,970 629,474 11.5
Russell 2000((R)) mini
futures & options(3) 192,367 172,207 11.7
Sugar No. 11 futures & options 185,392 151,166 22.6
Other agricultural commodity
contracts (4) 49,284 76,249 -35.4
Currency futures (5) 6,867 10,791 -36.4
Index futures (6) 18,238 16,439 10.9
Other contracts (7) 216 2,055 -89.5
TOTAL ICE FUTURES U.S. 452,364 428,907 5.5
TOTAL ICE FUTURES CANADA 14,097 11,225 25.6
------------------------ ------ ------ ----
TOTAL FUTURES CONTRACTS 1,168,431 1,069,606 9.2%
(1) ICE ECX EUA and ICE ECX CER futures and options contracts are the
result of a cooperative relationship between ICE Futures Europe and the
European Climate Exchange. ICE Futures Europe shares in the transaction
fee revenue derived from these contracts.
(2) "Other futures contracts" include ICE Middle East Sour Crude futures;
ICE Heating Oil futures; ICE Unleaded Gasoline Blendstock (RBOB) futures;
ICE UK Natural Gas futures; ICE UK Electricity futures; and ICE Coal
futures.
(3) The transition of the Russell 2000(R) mini futures and options contracts
to exclusive trading on ICE occurred in September 2008.
(4) "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.
(5) "Currency futures" include foreign exchange futures.
(6) "Index futures" include futures for the U.S. Dollar Index(R), Russell
2000 (full size), Russell 1000(R), Russell 1000 mini, the Continuous
Commodity Index, the Euro Index, and the NYSE Composite. The transition of
the Russell Index futures and options contracts to exclusive trading on
ICE occurred in September 2008.
(7) "Other contracts" include options on foreign exchange futures and
options on index futures, excluding Russell 2000 mini options.
ICE Futures Third Quarter 2009 and Year-to-Date ADV
3Q2009 3Q2008 Percent Change
------ ------ --------------
ICE Futures Europe 676,020 568,761 18.9
ICE Futures U.S. 375,772 280,317 34.1
ICE Futures Canada 10,637 9,526 11.7
Total Futures 1,062,429 858,604 23.7%
9-mos 2009 9-mos 2008 Percent Change
---------- ---------- --------------
ICE Futures Europe 640,291 597,712 7.1
ICE Futures U.S. 377,623 307,471 22.8
ICE Futures Canada 13,823 13,759 0.5
Total Futures 1,031,737 918,942 12.3%
ICE Futures Monthly, Quarterly and Year-to-Date Volume
September 2009 September 2008 Percent Change
-------------- -------------- --------------
ICE Futures Europe 14,741,368 13,848,425 6.4
ICE Futures U.S. 9,499,650 9,208,541 3.2
ICE Futures Canada 296,040 235,715 25.6
Total Futures 24,537,058 23,292,681 5.3%
3Q2009 3Q2008 Percent Change
------ ------ --------------
ICE Futures Europe 43,265,279 37,538,256 15.3
ICE Futures U.S. 24,049,436 18,101,838 32.9
ICE Futures Canada 670,161 600,158 11.7
Total Futures 67,984,876 56,240,252 20.9%
9-mos 2009 9-mos 2008 Percent Change
---------- ---------- --------------
ICE Futures Europe 121,655,236 115,956,055 4.9
ICE Futures U.S. 70,993,093 58,310,388 21.8
ICE Futures Canada 2,598,777 2,600,443 -0.1
Total Futures 195,247,106 176,866,886 10.4%
ICE Futures Open Interest
September 30, 2009 December 31, 2008
------------------ -----------------
ICE Futures Europe 2,844,221 2,102,574
ICE Futures U.S. 3,124,893 3,028,877
ICE Futures Canada 120,209 97,673
Rolling Three-Month Average Rate per Contract (RPC)
Three Months Three Months Three Months
Ending Ending Ending
Product Line September 2009 August 2009 July 2009
------------ -------------- ----------- ---------
ICE Futures Europe $1.53 $1.56 $1.58
ICE Futures U.S. Ag $2.08 $2.10 $2.15
ICE Futures U.S. Fin $0.89 $0.91 $0.86
RPC is calculated by dividing transaction revenues by contract volume, and
may vary based on pricing, customer and product mix.
ICE OTC Transaction & Clearing Revenues
3Q2009 2Q2009 1Q2009
------ ------ ------
OTC Energy ADC $1.25 million $1.13 million $1.08 million
CDS Execution & $43.1 million $44.4 million $37.9 million
Clearing
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 and OTC commission data can be found at:
