IntercontinentalExchange (NYSE: ICE), a leading operator of global derivatives exchanges and over-the- counter (OTC) markets, today reported March and first quarter volume and commissions. March average daily volume (ADV) in futures exceeded one million contracts for the first time in exchange history, and OTC commissions more than doubled. In the first quarter of 2008, ICE achieved record ADV and record average daily commissions.
- Total ADV for all ICE Futures contracts reached 1,031,683 in March
2008, an increase of 42% over March 2007. Total ADV for all ICE Futures
contracts reached 1,004,713 in the first quarter.
- ADV at ICE Futures Europe(TM) reached a record 672,159 contracts in
March 2008, an increase of 29% over March 2007; monthly ADV and total
monthly volume records were achieved in Brent Crude and WTI Crude
futures contracts.
- ADV at ICE Futures U.S.(TM) increased to 342,956 contracts in March
2008, up 79% from March 2007; volume records were achieved in several
benchmark contracts.
- ADV at ICE Futures Canada(TM) in March 2008 was 16,568 contracts, a 62%
increase year-to-year.
- Average daily commissions for ICE's global OTC business more than
doubled to $1,324,510, a 124% increase over March 2007, and the third
consecutive month surpassing $1 million per day.
European Futures Volume and RPC
ICE Futures Europe reported March volume of 13,436,157 contracts, the second highest monthly volume in exchange history, representing a 17% increase from 11,494,013 contracts in March 2007. ADV was 672,159 contracts, up 29% from 522,455 the prior March. In the first quarter, ADV totaled a record 616,150 contracts, an increase of 16% over the prior first quarter.
The three-month rolling average rate per contract (RPC) for the first quarter of 2008 was $1.25. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix. RPC averaged $1.27 for each of the rolling three-month periods ended February 2008 and January 2008.
On March 31, 2008, open interest for ICE Futures Europe was 1,685,228 contracts, compared to 1,641,399 contracts at December 31, 2007.
North American Futures Volume and RPC
Total futures and options volume at ICE Futures U.S. increased 63% to 6,859,115 contracts in March 2008, compared to volume of 4,222,154 contracts in March 2007. March 2008 ADV rose 79%, to 342,956 contracts, compared with 191,916 contracts in March 2007. In the first quarter, ADV at ICE Futures U.S. totaled a record 370,372 contracts, an increase of 79% over the prior first quarter.
The three-month rolling average RPC for the three months ended March 2008 was $2.14 for agricultural futures and options. RPC averaged $2.16 and $2.08 for the rolling three-month periods ended February 2008 and January 2008, respectively.
On March 31, 2008, open interest for ICE Futures U.S. was 3,833,626 contracts, compared to 3,389,923 contracts at December 31, 2007.
ICE Futures Canada recorded March 2008 contract volume of 331,351 contracts, up 47% over March 2007. ADV was 16,568 contracts, an increase of 62% over the prior year. In the first quarter, ADV at ICE Futures Canada totaled a record 18,190 contracts, an increase of 45% over the prior first quarter.
On March 31, 2008, open interest for ICE Futures Canada was 163,904 compared to 168,928 contracts on December 31, 2007.
Global OTC Markets
In March 2008, ICE's average daily commissions reached $1,324,510, an increase of 124% compared to $591,785 in March 2007. Average daily commissions in the first quarter were $1,276,616, an increase of 69% over the first quarter of 2007. Average daily commissions reflect daily trading activity in ICE's global OTC energy markets. Monthly OTC commissions are estimated using best available current information. Final audited figures are reported in ICE's quarterly and annual filings with the Securities and Exchange Commission.
Additional March 2008 Information:
- ICE Futures U.S. now conducts all futures trading on the ICE electronic
platform following the March 3 transition from floor trading. As a
result, ICE expects to record increased compensation expenses in the
first quarter of 2008 in the range of $2 million to $3 million relating
to severance.
- ICE recently completed a successful technology test in cooperation with
all 44 clearing firms in preparation for the launch of ICE Clear
Europe(TM). Optional testing of a new billing module will begin shortly
which, based on clearing firm input, is expected to have broad
participation. A more detailed update of the technical, commercial and
regulatory progress will be provided no later than ICE's first quarter
earnings call.
- On March 26, ICE announced that the United Kingdom's Financial Services
Authority (FSA) made a recognition order designating ICE Clear U.S.(TM)
as a Recognized Overseas Clearing House (ROCH). Recognition will
primarily enable ICE Clear U.S. to increase its physical presence and
marketing efforts in the UK.
- On March 24, ICE and Natural Gas Exchange Inc. (NGX) announced that
they will offer clearing and settlement services for physical OTC
natural gas contracts at the Henry Hub delivery point beginning Monday,
April 7, 2008.
- On March 4, ICE announced that it has received final regulatory
approval for a cross-margining program between ICE Clear U.S. and the
Options Clearing Corporation (OCC) for futures and options based on
Russell Indexes.
- In the April 7 issue, BusinessWeek magazine included ICE in its annual
BusinessWeek 50 Ranking of Best Performing U.S. Companies.
- Trading days in March 2008:
- ICE Futures Europe: 20
- ICE Futures U.S. Agricultural: 20
- ICE Futures U.S. Currency and Index: 20
- ICE Futures Canada: 20
- ICE OTC: 20
- ICE Futures Europe product records achieved for the month:
- The ICE Brent Crude futures contract set an all-time monthly ADV
record of 283,890 and a total monthly volume record of 5,677,790.
- The ICE WTI Crude futures contract set an all-time monthly ADV
record of 262,433 and a total monthly volume record of 5,248,663.
- ICE Futures U.S. product records achieved for the month:
- ICE Cotton No. 2 options achieved a monthly volume record of
1,107,116, including a daily volume record of 139,662 set on
March 4.
- The U.S. Dollar Index(R) futures contract set a monthly volume
record of 234,635, including a daily volume record of 46,382 on
March 13.
- ICE Coffee "C" options achieved a daily record volume of 42,279 on
March 17.
- ICE Futures Canada product records achieved for the month:
- An open interest record of 202,666 was set for all futures and
options contracts on March 5.
- ICE Canola futures established an open interest record of 183,650
also on March 5.
ICE Futures: March 2008 Average Daily Volume by Product
Product Line ADV ADV ADV
March March % Change
2008 2007
ICE Brent Crude futures 283,890 235,467 20.6
ICE WTI Crude futures 262,433 191,268 37.2
ICE Gas Oil futures 113,100 85,813 31.8
Other contracts (1) 12,736 9,907 28.6
Total ICE Futures Europe 672,159 522,455 28.7
Sugar No. 11 futures 111,886 75,435 48.3
Other agricultural commodity
contracts (2) 204,603 97,320 110.2
Currency futures (3) 11,742 12,437 -5.6
Index futures (4) 13,683 6,050 126.2
Other contracts (5) 1,042 675 54.5
Total ICE Futures U.S. 342,956 191,916 78.7
Total ICE Futures Canada (6) 16,568 10,253 61.6
TOTAL FUTURES CONTRACTS (7) 1,031,683 724,624 42.4
(1) "Other contracts" include ICE Middle East Sour Crude futures; ICE
Heating Oil futures; ICE Unleaded Gasoline Blendstock (RBOB) futures;
ICE UK Natural Gas futures; ICE-ECX CFI futures; ICE-ECX CFI CER
futures; ICE UK Electricity futures; ICE Coal futures; ICE Brent
options; ICE WTI options, ICE Gas Oil options and ICE-ECX CFI options.
The ICE-ECX CFI futures and options contracts are the result of a
cooperative relationship between ICE Futures Europe and the Chicago
Climate Exchange, Inc. and its subsidiary, the European Climate
Exchange. ICE Futures Europe shares in the revenue derived from the
ECX CFI futures and options contracts.
(2) "Other agricultural commodity contracts" include futures and/or
options for Cocoa, Coffee "C", Cotton No. 2, Orange Juice, Sugar No.
14 and Sugar No. 11 options.
(3) "Currency futures" include futures for foreign exchange products.
(4) "Index futures" include futures for the US Dollar Index, Russell 2000,
Russell 2000 mini, Russell 1000, Russell 1000 mini, the Continuous
Commodity Index, the Euro Index, and the NYSE Composite.
(5) "Other contracts" include options on foreign exchange futures and
options on index futures.
(6) "ICE Futures Canada" includes futures and options for Canola, Feed
Wheat and Western Barley.
(7) ICE Futures U.S. was acquired by ICE on January 12, 2007, and ICE
Futures Canada was acquired by ICE on August 27, 2007.
ICE Futures: Rolling Three-Month Average Rate per Contract
Product Line Three Months Three Months Three Months
Ending Ending Ending
March 2008 February 2008 January 2008
ICE Futures Europe $1.25 $1.27 $1.27
ICE Futures U.S. $2.14 $2.16 $2.08
Historical futures volume and OTC commission data can be found at: http://ir.theice.com/supplemental.cfm
About IntercontinentalExchange
IntercontinentalExchange(R) (NYSE: ICE) is a leading operator of global exchanges and over-the-counter (OTC) markets. ICE offers futures and OTC markets on a single trading platform, including markets for crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities and financial products such as canola, cocoa, coffee, cotton, ethanol, orange juice, wood pulp, sugar, foreign currency and equity index futures and options. ICE(R) conducts its energy futures markets, including the leading oil benchmark contracts, through its London-based exchange, ICE Futures Europe(TM). ICE conducts its global agricultural commodity, foreign exchange and equity index futures markets through its U.S. and Canadian exchanges, ICE Futures U.S.(TM) and ICE Futures Canada(TM), and offers clearing services through ICE Clear U.S.(TM) and ICE Clear Canada(TM). ICE's state-of-the-art electronic trading platform serves market participants in more than 55 countries. ICE is included in the Russell 1000(R) Index and the S&P 500 Index. Headquartered in Atlanta, ICE has offices in Calgary, Chicago, Houston, London, New York, Singapore and Winnipeg. For more information, please visit www.theice.com.
