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Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, today reported December 2014, fourth quarter 2014 and full year 2014 exchange traded volume.
ICE’s December 2014 and fourth quarter of 2014 average daily volume (ADV) decreased 18% and 11% compared to December 2013 and the fourth quarter of 2013, respectively.
- Commodity ADV decreased 8% during the month despite growth in ADV for Brent, Other Oil and Gasoil, up 34%, 31% and 5%, respectively, from the prior December. Fourth quarter commodity ADV increased 1% due to strength in Brent and Other Oil, both up 23% compared to the fourth quarter of 2013.
- Financials ADV declined 28% from the prior December due to continued low volatility in Continental European short-term interest rates. Fourth quarter financials declined 23% driven by a decline in Euribor ADV, offset by a 10%, 30% and 25% increase in Sterling, Gilt and equity index ADV, respectively.
NYSE’s U.S. cash equities ADV increased 25%, while U.S. equity options ADV decreased 5% over the prior December. NYSE’s U.S. cash equities market share was 24.4% and NYSE’s U.S. options market share was 22.1% for the month.
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ICE Futures & Options ADV (contracts in 000s) |
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| ADV Dec | ADV Dec | Change | ADV Full | ADV Full | Change | |||||||
| 2014 | 2013 | y/y | Year 2014 | Year 2013 | y/y | |||||||
| COMMODITIES | ||||||||||||
| Energy | ||||||||||||
| Brent | 671 | 503 | 34% | 689 | 670 | 3% | ||||||
| Gasoil | 165 | 158 | 5% | 212 | 256 | -17% | ||||||
| Other Oil (1) | 286 | 218 | 31% | 274 | 255 | 8% | ||||||
| TOTAL OIL | 1,123 | 879 | 28% | 1,175 | 1,181 | 0% | ||||||
| Natural Gas (2) | 939 | 1,381 | -32% | 931 | 1,194 | -22% | ||||||
| Power (3) | 115 | 88 | 30% | 111 | 125 | -11% | ||||||
| Emissions & Other (4) | 34 | 37 | -8% | 40 | 41 | -3% | ||||||
| TOTAL ENERGY | 2,212 | 2,385 | -7% | 2,258 | 2,541 | -11% | ||||||
| Agricultural | ||||||||||||
| Sugar (5) | 83 | 100 | -17% | 145 | 146 | -1% | ||||||
| Other Ags & Metals (6) | 126 | 148 | -15% | 173 | 175 | -1% | ||||||
| TOTAL AGRICULTURAL & METALS | 210 | 248 | -16% | 317 | 321 | -1% | ||||||
| TOTAL COMMODITIES | 2,421 | 2,634 | -8% | 2,575 | 2,862 | -10% | ||||||
| FINANCIALS | ||||||||||||
| Interest Rates | ||||||||||||
| Short-term Interest Rates (7) | 870 | 1,539 | -44% | 1,445 | 2,087 | -31% | ||||||
| Medium & Long-term Interest Rates (8) | 142 | 111 | 28% | 178 | 172 | 3% | ||||||
| TOTAL INTEREST RATES | 1,012 | 1,651 | -39% | 1,623 | 2,259 | -28% | ||||||
| TOTAL EQUITY DERIVATIVES (9) | 913 | 1,059 | -14% | 907 | 957 | -5% | ||||||
| TOTAL FX (10) | 53 | 29 | 81% | 32 | 36 | -11% | ||||||
| TOTAL FINANCIALS | 1,977 | 2,739 | -28% | 2,562 | 3,252 | -21% | ||||||
| TOTAL FUTURES & OPTIONS | 4,398 | 5,373 | -18% | 5,137 | 6,114 | -16% | ||||||
Note: Figures may not foot due to rounding.
| (1) | “Other Oil” includes futurized oil, WTI, Heating Oil, RBOB Gasoline and Middle East Sour Crude. Excludes Daily Brent Bullet contracts. | |
| (2) | “Natural Gas” includes North American, UK and European Natural Gas. | |
| (3) | “Power” includes North American, UK and European Power. | |
| (4) | “Emissions & Other” includes all emissions contracts, freight, coal, iron ore and uranium. | |
| (5) | “Sugar” includes Sugar No. 11, Sugar No. 16 and White Sugar. | |
| (6) | “Other Ags & Metals” includes Cocoa ($), Cocoa (£),Coffee “C”, Robusta Coffee, Cotton No. 2, Orange Juice, Corn, Feed Wheat, Soybeans, Barley, Canola, Mini Gold and Mini Silver contracts. | |
| (7) | “Short-term Interest Rates” includes Euribor, Sterling, Swiss, Eonia, Eurodollar, Short Gilt, European Government Bonds and DTCC GCF Repo Index® contracts. | |
| (8) | “Medium & Long-Term Rates” includes Gilt, Swapnotes, Japanese Government Bonds, European Government Bonds, Treasuries and U.S. Government Bonds and Ultrabond contracts. | |
| (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 Single Stock Equities which includes equities domiciled in 25 countries that trade in the UK. | |
| (10) | “TOTAL FX” includes futures and options for the U.S. Dollar Index and foreign exchange. |
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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 | Dec 2014 | Nov 2014 | Oct 2014 | |||
| Energy | $1.29 | $1.30 | $1.33 | |||
| Agricultural & Metals | $2.36 | $2.41 | $2.48 | |||
| Total Commodities | $1.39 | $1.42 | $1.47 | |||
| Interest Rates | $0.67 | $0.67 | $0.66 | |||
| Total Financials | $0.68 | $0.67 | $0.64 | |||
RPC is calculated by dividing transaction revenues by contract volume, and may vary based on pricing, customer and product mix. RPC is subject to revision based on final numbers.
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ICE Futures & Options Open Interest (contracts in 000s) |
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| Dec 31, 2014 | Dec 31, 2013 | |||
| Energy | 38,436 | 41,470 | ||
| Agricultural & Metals | 3,308 | 3,372 | ||
| Total Commodities | 41,744 | 44,842 | ||
| Interest Rates | 13,042 | 18,101 | ||
| Total Financials | 26,332 | 30,385 | ||
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ICE Futures & Options Monthly and YTD Volume (contracts in 000s) |
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| Vol % | Full Year | Full Year | Vol % | |||||||||
| Futures & Options Products | Dec-14 | Dec-13 | Change | 2014 | 2013 | Change | ||||||
| Commodities | 53,271 | 55,225 | -4% | 648,990 | 721,475 | -10% | ||||||
| Financials | 42,116 | 54,990 | -23% | 653,956 | 831,722 | -21% | ||||||
| TOTAL CONTRACTS | 95,387 | 110,215 | -13% | 1,302,946 | 1,553,197 | -16% | ||||||
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ICE Futures & Options Fourth Quarter 2014 ADV and Volume (contracts in 000s) |
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| Vol % | Vol % | |||||||||||
| Futures & Options Products | 4Q14 ADV | 4Q13 ADV | Change | 4Q14 Volume | 4Q13 Volume | Change | ||||||
| Commodities | 2,709 | 2,680 | 1% | 173,376 | 171,450 | 1% | ||||||
| Financials | 2,045 | 2,645 | -23% | 130,853 | 169,271 | -23% | ||||||
| TOTAL CONTRACTS | 4,754 | 5,325 | -11% | 304,229 | 340,721 | -11% | ||||||
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U.S. Equity Options (contracts in 000s) |
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| ADV Dec | ADV Dec | Change | Full Year | Full Year | Change | |||||||
| 2014 | 2013 | y/y | 2014 | 2013 | y/y | |||||||
| NYSE Equity Options(1) | 3,194 | 3,377 | -5% | 3,577 | 3,948 | -9% | ||||||
| Total U.S. Options Volume | 14,460 | 13,809 | 5% | 15,258 | 14,785 | 3% | ||||||
| NYSE Share of Group Total | 22.1% | 24.5% | -2.4pts | 23.4% | 26.7% | -3.3pts | ||||||
(1) “NYSE Equity Options” includes NYSE Amex Options and NYSE Arca Options trading in U.S. equity options contracts.
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NYSE 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 | ||||
| Dec 2014 | Nov 2014 | Oct 2014 | ||||
| NYSE US Equity Options | $0.16 | $0.16 | $0.16 | |||
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NYSE U.S. Cash Products (shares in millions) |
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| ADV Dec | ADV Dec | Change | ADV Full | ADV Full | Change | |||||||
| 2014 | 2013 | y/y | Year 2014 | Year 2013 | y/y | |||||||
| NYSE Listed (Tape A) Issues | ||||||||||||
| Handled Volume (1) | 1,216 | 1,006 | 21% | 1,063 | 1,070 | -1% | ||||||
| Matched Volume(2) | 1,192 | 977 | 22% | 1,039 | 1,033 | 1% | ||||||
| Total NYSE Listed Consolidated Volume | 3,719 | 3,153 | 18% | 3,391 | 3,393 | 0% | ||||||
| Share of Total Matched Consolidated Volume | 32.1% | 31.0% | 1.1pts | 30.6% | 30.4% | 0.2pts | ||||||
| NYSE Arca, MKT and Regional (Tape B) Listed Issues | ||||||||||||
| Handled Volume (1) | 341 | 226 | 51% | 261 | 246 | 6% | ||||||
| Matched Volume(2) | 326 | 213 | 53% | 247 | 228 | 8% | ||||||
| Total NYSE Arca and MKT Listed Consolidated Volume | 1,392 | 956 | 46% | 1,101 | 1,063 | 4% | ||||||
| Share of Total Matched Consolidated Volume | 23.4% | 22.3% | 1.1pts | 22.4% | 21.4% | 1.0pts | ||||||
| Nasdaq Listed (Tape C) Issues | ||||||||||||
| Handled Volume (1) | 185 | 165 | 12% | 202 | 183 | 10% | ||||||
| Matched Volume(2) | 173 | 147 | 18% | 186 | 163 | 14% | ||||||
| Total Nasdaq Listed Consolidated Volume | 1,805 | 1,768 | 2% | 1,953 | 1,762 | 11% | ||||||
| Share of Total Matched Consolidated Volume | 9.6% | 8.3% | 1.3pts | 9.5% | 9.3% | 0.2pts | ||||||
| TOTAL U.S. Cash Market Share Matched | 24.4% | 22.7% | 1.7pts | 22.8% | 22.9% | -0.1pts | ||||||
| TOTAL ADV U.S. Cash Shares Handled | 1,743 | 1,398 | 25% | 1,525 | 1,499 | 2% | ||||||
| (1) | “Handled Volume” represents the total number of shares of equity securities, exchange traded funds (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 |
| 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 | ||||
| Dec 2014 | Nov 2014 | Oct 2014 | ||||
| U.S. Cash Products | $0.050 | $0.050 | $0.049 | |||
Credit Default Swaps (CDS) Transaction and Clearing
- Fourth quarter revenues from ICE’s credit default swap (CDS) trade execution, processing and clearing business totaled $39 million, compared to $34 million in the prior fourth quarter, and included $25 million in CDS clearing revenues.
- For 2014, total CDS revenues were $160 million compared to $145 million in 2013.
- Through December 31, ICE has cleared $61 trillion in gross notional value of CDS on a cumulative basis across 2.1 million trades with open interest of $1.6 trillion. Buy-side clearing of CDS totaled $11 trillion since the launch of client clearing at ICE Clear Credit in December of 2009. ICE lists over 500 CDS instruments for clearing. A complete summary of CDS clearing can be found at: https://www.theice.com/clear-credit
December 2014 Review
- Daily volume records were established in Brent Crude options, Low Sulphur Gasoil futures, Coal options, U.S. Dollar Index futures, mini MSCI Index futures complex, mini MSCI ACWI NTR futures, mini MSCI Emerging Markets Index futures and Russell 2000 Growth Index mini futures.
- A total monthly volume record was set in the mini MSCI Index futures complex, mini MSCI EAFE Index futures, mini MSCI Emerging Markets Index futures, mini MSCI ACWI NTR Index futures and Russell 2000 Growth Index mini futures.
- Open interest records were established in Low Sulphur Gasoil options, EU Natural Gas options, Emissions EUA futures, mini MSCI Index futures complex, mini MSCI EAFE Index futures, mini MSCI Emerging Markets Index futures and Russell 2000 Growth Index mini futures.
- The NYSE announced its fourth consecutive year of initial public offering (IPO) leadership in global capital raising and its third consecutive year as the leader in technology IPO capital raised.
- ICE and ERIS Exchange announced a global swap futures licensing agreement for ICE exchanges to list futures and swap futures based on the Eris MethodologyTM.
- ICE announced the first five contracts for ICE Futures Singapore and ICE Clear Singapore.
- ICE sold its residual 6% Euronext stake for total proceeds of €97 million.
- On December 3, ICE completed the acquisition of a majority stake in Holland Clearing House and on December 12, the Holland Clearing House received EMIR authorization.
- ICE will report fourth quarter 2014 earnings on February 5, 2015.
Trading days in December 2014:
- Interest Rates, Single Stock Equity Derivatives: 21
- Commodities, Other Financials: 22
- US Cash Equities, US Equity Options: 22
- See more at: http://otp.investis.com/clients/us/intercontinental_exchange_group/usn/usnews-story.aspx?cid=953&newsid=27411#sthash.sSoVnTvZ.dpuf
