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IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced the first trade of German natural gas futures contracts on ICE Futures Europe, Europe's leading energy exchange.
"We have seen an exceptional level of interest in outrights and spreads on the first day of trading and we are very pleased that they have already traded." said Jason Pegley Head of Utility Markets at ICE Futures Europe. "Our intention is to develop liquidity in Europe's principal gas hubs and help established trading links between them, so the fact that the TTF/NCG spread has traded, is an important market development," he added.
ICE Futures Europe reported that over 400,000 MWhs in spreads and outrights traded on the first day. Barclays Capital confirmed that they were a counterparty to the first trade of the day.
The German natural gas futures contracts are for physical delivery at the NCG and GASPOOL hubs and trade alongside ICE's U.K. NBP Natural Gas futures contract and its Dutch TTF Natural Gas futures contract. Spreads between TTF, NCG and GASPOOL are also listed. The ICE NBP Natural Gas futures contract is the leading benchmark for U.K. natural gas, with year-to-date trading volume of 3,517,135 contracts through 31 October, 51% up from the same period in 2009. Dutch TTF futures have traded more than 70 thousand contracts following their introduction in March 2010.
