Intercontinental Exchange, Inc. (NYSE: ICE), the leading global network of exchanges and clearing houses, today reported exchange traded volumes for May 2014.
ICE’s May average daily volume (ADV) was 5.4 million contracts, a decrease of 15% compared to May 2013.
- Commodity futures and options ADV decreased 23% in May due primarily to continued low price volatility across most energy products.
- Financial futures and options ADV decreased 9% in May due primarily to the low interest rate environment in Europe. This was partially offset by a 23% increase in equity derivatives ADV year to year, including a 32% increase in Liffe single stock futures.
- NYSE cash equities ADV decreased 13% and Euronext cash equities ADV was flat compared to the prior May. NYSE equity options volume decreased 23% year to year.
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ICE Futures & Options ADV (contracts in 000s) |
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| ADV May | ADV May | Change | ADV YTD | ADV YTD | Change | |||||||
| 2014 | 2013 | y/y | May ‘14 |
May ’13 |
y/y | |||||||
| COMMODITIES | ||||||||||||
| Energy | ||||||||||||
| Brent | 594 | 670 | -11% | 617 | 712 | -13% | ||||||
| Gasoil | 214 | 266 | -19% | 220 | 272 | -19% | ||||||
| Other Oil (1) | 248 | 244 | 2% | 254 | 255 | 0% | ||||||
| TOTAL OIL | 1,055 | 1,179 | -10% | 1,092 | 1,239 | -12% | ||||||
| Natural Gas (2) | 714 | 1,241 | -42% | 983 | 1,363 | -28% | ||||||
| Power (3) | 131 | 141 | -7% | 130 | 144 | -10% | ||||||
| Emissions & Other (4) | 32 | 30 | 6% | 48 | 46 | 5% | ||||||
| TOTAL ENERGY | 1,932 | 2,591 | -25% | 2,252 | 2,792 | -19% | ||||||
| Agricultural | ||||||||||||
| Sugar (5) | 115 | 113 | 1% | 167 | 146 | 15% | ||||||
| Other Ags & Metals (6) | 156 | 162 | -4% | 192 | 188 | 2% | ||||||
| TOTAL AGRICULTURAL & METALS | 270 | 276 | -2% | 360 | 334 | 8% | ||||||
| TOTAL COMMODITIES | 2,203 | 2,867 | -23% | 2,612 | 3,125 | -16% | ||||||
| FINANCIALS | ||||||||||||
| Interest Rates | ||||||||||||
| Short-term Interest Rates (7) | 1,729 | 2,213 | -22% | 1,761 | 2,312 | -24% | ||||||
| Medium & Long-term Interest Rates (8) | 195 | 233 | -16% | 177 | 192 | -8% | ||||||
| TOTAL INTEREST RATES | 1,924 | 2,445 | -21% | 1,938 | 2,504 | -23% | ||||||
| TOTAL EQUITY DERIVATIVES (9) | 1,297 | 1,058 | 23% | 1,051 | 1,170 | -10% | ||||||
| TOTAL FX (10) | 20 | 43 | -54% | 24 | 38 | -38% | ||||||
| TOTAL FINANCIALS | 3,241 | 3,547 | -9% | 3,012 | 3,712 | -19% | ||||||
| TOTAL FUTURES & OPTIONS | 5,444 | 6,414 | -15% | 5,625 | 6,837 | -18% | ||||||
Note: Figures may not foot due to rounding.
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(1) |
“Other Oil” includes futurized oil, WTI, Heating Oil, RBOB Gasoline and Middle East Sour Crude. Excludes Daily Brent Bullet contracts. | |
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(2) |
“Natural Gas” includes North American, UK and European Natural Gas. | |
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(3) |
“Power” includes North American, UK and European Power. | |
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(4) |
“Emissions & Other” includes all power contracts, emissions, freight, coal, iron ore and uranium. | |
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(5) |
“Sugar” includes Sugar No. 11, Sugar No. 16 and White Sugar. | |
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(6) |
“Other Ags & Metals” includes Cocoa ($), Cocoa (£),Coffee “C”, Robusta Coffee, Cotton No. 2, Orange Juice, Corn, Wheat-Feed, Soybeans, Barley, Canola, Mini Gold and Mini Silver contracts. |
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(7) |
“Short-term Interest Rates” includes Euribor, Sterling, Swiss, Eonia, Eurodollar and DTCC GCF Repo contracts. | |
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(8) |
“Medium & Long-Term Rates” includes Gilt, Swapnotes Yen, Treasuries, U.S. Bond and Ultrabond contracts. | |
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(9) |
“TOTAL EQUITY DERIVATIVES” includes FTSE 100, FTSE 100 Dividend, price return and net total return versions of MSCI EAFE, MSCI Emerging Markets, MSCI Europe, and MSCI World, Russell 2000®, Russell 1000® and UK Single Stock Equities which includes equities domiciled in 25 countries that trade in the UK. |
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(10) |
“TOTAL FX” includes futures and options for the U.S. Dollar Index and foreign exchange. | |
Financial and Reporting Update
- Power futures and options ADV, energy RPC and energy open interest are now reported using the new contract conversion methodology beginning in May and including comparison periods. Historical monthly comparisons from January 2013 can be found in the Combined Historical Monthly Volume document on the ICE website: Supplemental Volume Info.
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ICE Futures & Options Rolling Three-Month Average Rate per Contract (RPC) |
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| Three Months | Three Months | Three Months | ||||
| Futures & Options | Ending | Ending | Ending | |||
| Products | May 2014 | Apr 2014 | Mar 2014 | |||
| Energy | $1.40 | $1.35 | $1.28 | |||
| Agricultural & Metals | $2.33 | $2.30 | $2.26 | |||
| Total Commodities | $1.53 | $1.50 | $1.42 | |||
| Interest Rates | $0.63 | $0.62 | $0.61 | |||
| Total Financials | $0.53 | $0.56 | $0.59 | |||
RPC is calculated by dividing transaction revenues by contract volume, and may vary based on pricing, customer and product mix.
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ICE Futures & Options Open Interest (contracts in 000s) |
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| May 30, 2014 | Dec 31, 2013 | |||
| Energy | 39,374 | 41,470 | ||
| Agricultural & Metals | 3,654 | 3,372 | ||
| Total Commodities | 43,028 | 44,842 | ||
| Interest Rates | 24,856 | 18,101 | ||
| Total Financials | 40,585 | 30,385 | ||
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ICE Futures & Options Volume (contracts in 000s) |
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| Vol % | YTD | YTD | Vol % | ||||||||
| Futures & Options Products | May-14 | May-13 | Change | May ‘14 | May ‘13 | Change | |||||
| Commodities | 46,260 | 63,121 | -27% | 269,047 | 325,198 | -17% | |||||
| Financials | 70,950 | 81,438 | -13% | 315,477 | 393,194 | -20% | |||||
| TOTAL CONTRACTS | 117,210 | 144,559 | -19% | 584,524 | 718,392 | -19% | |||||
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U.S. Equity Options (contracts in 000s) |
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| ADV May | ADV May | Change | ADV YTD | ADV YTD | Change | |||||||
| 2014 | 2013 | y/y | May ‘14 | May ‘13 | y/y | |||||||
| NYSE Equity Options(1) | 3,333 | 4,348 | -23% | 3,736 | 4,270 | -13% | ||||||
| Total U.S. Options Volume | 13,527 | 15,982 | -15% | 15,423 | 15,272 | 1% | ||||||
| NYSE Share of Group Total | 25% | 27% | -2pts | 24% | 28% | -4pts | ||||||
(1) “NYSE Equity Options” includes NYSE Amex Options and NYSE Arca Options trading in U.S. equity options contracts.
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U.S. Equity Options Rolling Three-Month Average Rate per Contract (RPC) |
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| Three Months | Three Months | Three Months | ||||
| Ending | Ending | Ending | ||||
| May 2014 | Apr 2014 | Mar 2014 | ||||
| US Equity Options | $0.16 | $0.16 | $0.16 | |||
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U.S. Cash Products (shares in millions) |
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| ADV May | ADV May | Change | ADV YTD | ADV YTD | Change | |||||||
| 2014 | 2013 | y/y | May ‘14 | Apr ‘13 | y/y | |||||||
| NYSE Listed (Tape A) Issues | ||||||||||||
| Handled Volume (1) | 952 | 1,091 | -13% | 1,052 | 1,111 | -5% | ||||||
| Matched Volume(2) | 929 | 1,051 | -12% | 1,025 | 1,069 | -4% | ||||||
| Total NYSE Listed Consolidated Volume | 3,057 | 3,504 | -13% | 3,456 | 3,556 | -3% | ||||||
| Share of Total Matched Consolidated Volume | 30% | 30% | - | 30% | 30% | - | ||||||
| NYSE Arca, MKT and Regional (Tape B) Listed Issues | ||||||||||||
| Handled Volume (1) | 194 | 247 | -22% | 250 | 238 | 5% | ||||||
| Matched Volume(2) | 183 | 227 | -19% | 236 | 219 | 8% | ||||||
| Total NYSE Arca and MKT Listed Consolidated Volume | 853 | 1,103 | -23% | 1,106 | 1,054 | 5% | ||||||
| Share of Total Matched Consolidated Volume | 21% | 21% | - | 21% | 21% | - | ||||||
| Nasdaq Listed (Tape C) Issues | ||||||||||||
| Handled Volume (1) | 190 | 189 | 1% | 212 | 195 | 8% | ||||||
| Matched Volume(2) | 176 | 167 | 5% | 193 | 174 | 11% | ||||||
| Total Nasdaq Listed Consolidated Volume | 1,875 | 1,783 | 5% | 2,099 | 1,786 | 18% | ||||||
| Share of Total Matched Consolidated Volume | 9% | 9% | - | 9% | 10% | -1pt | ||||||
| TOTAL ADV U.S. Cash Shares Handled | 1,336 | 1,527 | -13% | 1,513 | 1,544 | -2% | ||||||
| (1) | “Handled Volume” represents the total number of shares of equity securities, ETFs and crossing session activity internally matched on NYSE Group’s exchanges or routed to and executed on an external market center. | |
| (2) | “Matched Volume” represents the total number of shares of equity securities, ETFs and crossing session activity executed on NYSE Group’s exchanges. |
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U.S. Cash Rolling Three-Month Revenue Capture |
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(per 100 shares) |
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| Three Months | Three Months | Three Months | ||||
| Ending | Ending | Ending | ||||
| May 2014 | Apr 2014 | Mar 2014 | ||||
| US Cash Products | $0.046 | $0.045 | $0.047 | |||
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Euronext Cash Products and Derivatives (in 000s) |
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| ADV May | ADV May | ADV % | ADV | ADV | ADV % | |||||||
| 2014 | 2013 | Change | YTD May ‘14 | YTD May ‘13 | Change | |||||||
| Euronext Cash (in trades)(1) | 1,404 | 1,404 | - | 1,530 | 1,407 | 9% | ||||||
| Euronext Derivatives (in lots)(2) | 515 | 526 | -2% | 582 | 621 | -6% | ||||||
| (1) | Includes Equities, ETFs, Structured products and bonds. | |
| (2) | Includes Equity Index products, Single Stock equities, Currencies, Wheat-Milling, Rapeseed, Corn and Barley Malting futures and options products. | |
Credit Default Swaps (CDS) Transaction and Clearing
- Through May 30, ICE has cleared $53 trillion in gross notional value of CDS on a cumulative basis across 1.8 million trades with open interest of $1.6 trillion. Buy-side clearing of CDS totaled $6.6 trillion since the launch of client clearing at ICE Clear Credit in December of 2009. ICE lists over 450 CDS instruments for clearing. A complete summary of CDS clearing can be found at: https://www.theice.com/clear_credit.jhtml
May 2014 Review
- Extending ICE’s European energy portfolio, ICE Endex will launch new German power futures and options contracts in June.
- Thomas W. Farley, NYSE’s current COO, was named President of the NYSE, succeeding Duncan Niederauer.
- ICE Endex was appointed the market operator for the Dutch natural gas balancing market effective June 3.
- ICE held its 2014 Annual Meeting of Stockholders on May 16. All 14 director nominees received a majority of votes cast and all of the ICE proposals were approved.
- ICE introduced 64 new energy contracts in May and announced the launch of an additional 19 environmental and energy contracts on June 9 and 10.
- Liffe will introduce German, Swiss, Italian and Spanish Government Bond futures on June 16.
- ICE declared a quarterly $0.65 per share dividend payable on June 30, 2014 to shareholders of record as of June 16, 2014.
- A daily volume record was established in May for Long Gilt futures which traded 905,515 contracts on May 27, surpassing the prior daily volume record of 815,251 contracts on November 27, 2012.
- Open interest records were established in Low Sulphur Gasoil futures, futures on the DTCC GCF Repo indices and UK Natural Gas, Newcastle Coal and Rotterdam Coal options contracts.
Trading days in May 2014:
- Interest Rates, UK Single Stock: 22
- Commodities, Other Financials: 21
- US Cash Equities, US Equity Options: 21
- Euronext Cash Equities, Euronext Derivatives: 21
ICE finalized the acquisition of NYSE Euronext on November 13, 2013. For comparison purposes NYSE Euronext volumes are included for all periods covered.
