IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, reported strong futures volume growth in July 2010. Average daily volume (ADV) for ICE's futures markets was 1,149,022 contracts, up 13% from July 2009.
Year-to-date through July 31, 2010, ADV across ICE's futures exchanges was 1,313,713 contracts, an increase of 29% compared to the same period of 2009. Total futures volume in July 2010 was 24.1 million contracts.
July 2010 Review
- ICE Futures Europe records achieved in July:
- The exchange established an overall open interest record in July.
- Volume and open interest records were also established for emissions, UK Natural Gas, ICE TTF Natural Gas and UK power futures.
- Cumulative gross notional value cleared by ICE's credit default swap (CDS) clearing houses surpassed $10 trillion during the week ending July 2.
- On July 8, ICE completed its acquisition of Climate Exchange, a leading operator of global emissions markets. ADV at Chicago Climate Futures Exchange was 1,204 contracts in July, with volume in Renewable Energy Certificate contracts establishing a new monthly record.
- ICE marked the five-year anniversary of ICE Link, the leading affirmation and novation consent platform for CDS. ICE Link provides market-leading connectivity to 416 buy-side firms, 23 dealers, 11 prime brokerage/clearing member firms and five interdealer brokers. In the first half of 2010, ICE Link processed over 1 million trades.
- On July 19, ICE launched five new cleared OTC crude and refined oil calendar spread options.
- On July 28, ICE Clear Europe observed the one-year anniversary of European CDS clearing.
- Through July 30, ICE's CDS clearing houses have cleared $10.9 trillion in
gross notional value on a cumulative basis on 256,131 transactions. ICE
currently lists 233 CDS contracts for clearing.
- ICE Trust U.S. (ICE Trust) has cleared $6.7 trillion of gross notional value since inception, including $338 billion in single-name CDS, resulting in open interest of $450 billion. ICE Trust offers clearing for 35 indexes and 71 single-name instruments.
- ICE Clear Europe has cleared euro 3.1 trillion ($4.2 trillion) of gross notional value since inception, including euro 444 billion in single-name CDS, resulting in euro 407 billion ($531 billion) of open interest. ICE Clear Europe offers clearing for 26 indexes and 101 single-name instruments.
- Trading days in July 2010:
- ICE Futures Europe: 21
- ICE Futures U.S.: 21
- ICE Futures Canada: 21
ICE Futures Contracts & Markets Monthly ADV
Product Line ADV ADV ADV
July July % Change
2010 2009
ICE Brent Crude futures & options 349,930 325,458 7.5
ICE Gasoil futures & options 194,716 165,697 17.5
ICE WTI Crude futures & options 163,666 189,621 -13.7
ICE ECX emissions futures &
options (1) 24,949 21,405 16.6
Other futures contracts (2) 27,504 14,615 88.2
TOTAL ICE FUTURES EUROPE 760,765 716,796 6.1
Index futures & options (3) 169,998 129,695 31.1
Sugar No. 11 futures & options 116,284 102,449 13.5
Other agricultural commodity
contracts (4) 68,721 45,503 51.0
Currency futures and options
contracts (5) 23,075 9,955 131.8
TOTAL ICE FUTURES U.S. 378,078 287,602 31.5
TOTAL ICE FUTURES CANADA 10,179 8,039 26.6
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TOTAL FUTURES CONTRACTS 1,149,022 1,012,437 13.5
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(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.
On July 8, ICE completed its
acquisition of Climate Exchange, which is the parent company of ECX.
(2) "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.
(3) "Index futures & options" includes Russell 2000(R) mini futures and
options and futures for the Russell
1000(R) mini, the Continuous Commodity Index, the Euro Index and the
NYSE Composite.
(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 and options" include futures and options for
the U.S. Dollar Index and foreign
exchange.
ICE Futures Year-to-Date ADV
7-mos Percent
2010 7-mos 2009 Change
------ ---------- -------
ICE Futures Europe 864,619 636,213 35.9
------------------ ------- ------- ----
ICE Futures U.S. 433,338 364,869 18.8
---------------- ------- ------- ----
ICE Futures Canada 15,756 14,323 10.0
------------------ ------ ------ ----
Total Futures 1,313,713 1,015,405 29.4
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ICE Futures Monthly and Year-to-Date Volume
Percent
July 2010 July 2009 Change
ICE Futures Europe 15,976,074 15,769,521 1.3
ICE Futures U.S. 7,939,645 6,327,237 25.5
ICE Futures Canada 213,752 176,868 20.9
Total Futures 24,129,471 22,273,626 8.3
7-mos 7-mos Percent
2010 2009 Change
ICE Futures Europe 125,369,792 94,159,478 33.1
ICE Futures U.S. 62,834,048 53,270,894 18.0
ICE Futures Canada 2,300,409 2,105,484 9.3
------------------ --------- --------- ---
Total Futures 190,504,249 149,535,856 27.4
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ICE Futures Open Interest
December 31,
July 31, 2010 2009
ICE Futures Europe 3,312,918 2,647,694
ICE Futures U.S. 2,819,088 3,375,176
---------------- --------- ---------
ICE Futures Canada 173,536 (July 29) 118,181
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Rolling Three-Month Average Rate per Contract (RPC)
Three Months Three Months Three Months
Product Line Ending Ending Ending
July 2010 June 2010 May 2010
ICE Futures Europe $1.51 $1.49 $1.51
ICE Futures U.S. Ag $2.18 $2.19 $2.13
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ICE Futures U.S. Fin $0.71 $0.71 $0.77
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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:
