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IntercontinentalExchange (NYSE: ICE), the leading electronic energy marketplace and soft commodity exchange, today reported volume growth in excess of 40% for the month of July in each of the company’s three execution venues compared to July 2006. Average daily volume (ADV) for ICE Futures, ICE’s U.K. regulated futures subsidiary, was 543,232 contracts in July 2007, an increase of 40.8% over ADV in July 2006. ADV at the New York Board of Trade (NYBOT), ICE’s U.S. regulated futures subsidiary, was 201,084 contracts in July 2007, up 40.8% over July 2006. Also during the month, average daily commissions in ICE’s over-the-counter (OTC) segment were $834,888, a 40.6% increase over July 2006.
ICE Futures Volume and RPC
ICE Futures reported monthly volume in July 2007 of 11,951,098 contracts, an increase of 47.5% compared to 8,101,992 contracts in July 2006. ADV rose 40.8% from 385,809 contracts in July 2006 to 543,232 contracts in July 2007. ADV for the month of July represented the second highest in ICE Futures’ history.
The ICE WTI Crude futures contract had its second highest total volume month with more than 4.5 million contracts traded and its second highest ADV with more than 204,000 contracts. The second best month was also recorded in July in ICE Gas Oil futures, with more than 2 million contracts traded during the month, and ADV of more than 92,000 contracts.
The ICE UK Natural Gas futures contract had record volume in July of 118,320 contracts, and record ADV of 5,378. The ICE-ECX CFI emissions futures contract posted record total volume of 119,268 contracts in July, and record ADV of 5,421. The ICE-ECX CFI options contract also posted record total volume and ADV records.
In July 2007, ICE Futures rate per contract (RPC) averaged $1.30, compared to RPC of $1.30 in May and $1.27 in June 2007. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix.
At July 31, 2007, open interest for ICE Futures was 1,864,848 contracts, compared to 1,416,470 contracts at December 31, 2006. Exchange-wide open interest reached a new all-time high on July 12 of 1,867,953 contracts.
* "Other contracts" include ICE Middle East Sour Crude futures, which began trading May 21, 2007; ICE Heating Oil futures; ICE Unleaded Gasoline Blendstock (RBOB) futures; ICE UK Natural Gas futures; ICE-ECX CFI futures; ICE UK Electricity futures; ICE Coal futures; ICE Brent options; ICE WTI options, and ICE Gas Oil options. The ICE-ECX CFI futures contract is the result of a cooperative relationship between ICE Futures and the Chicago Climate Exchange, Inc. and its subsidiary, the European Climate Exchange. ICE Futures shares in the revenue derived from the ECX CFI Futures contract.
NYBOT Volume and RPC
Total futures and options volume at NYBOT in July 2007 increased 47.7% to 4,234,855 contracts, compared to volume of 2,867,235 contracts in July 2006. July 2007 ADV rose 40.8%, to 201,084 contracts per day. Electronic trading in soft commodity futures accounted for 82% of the total NYBOT soft commodity futures contracts in July, compared to 72% in June. In July 2007, ADV in electronically traded soft commodity futures was 103,386 contracts; total soft commodity futures volume averaged 126,323 contracts per day. ADV in Sugar No. 11 futures, NYBOT’s largest contract by volume, increased 80.0% in July compared to the same period in 2006. NYBOT set volume records in July in Cotton No. 2 options and total soft commodity options.
In June 2007, NYBOT reported an aggregate RPC for NYBOT soft commodity futures and options of $2.07, compared to $1.58 in June 2006. RPC for May 2007 was $1.68. RPC for NYBOT is reported one month in arrears.
* "Other contracts" are NYBOT's additional markets for food, fiber, foreign exchange and index products.
** ADV % Electronic calculation excludes products that were not available for electronic trading at any time during the month. ICE began offering electronic trading for the NYBOT Russell 1000® and the NYBOT US Dollar Index on June 15, 2007.
OTC Business Segment
Average daily commissions reflect daily trading activity in ICE’s OTC markets. In July 2007, ICE’s average daily commissions increased 40.6% to $834,888 compared to $593,821 in July 2006.
Additional July 2007 Highlights:
Historical futures volume and OTC commission data can be found at:
www.theice.com/marketdata/recordsAndVolumes/volumes2007.jsp
Volume and open interest information on NYBOT can be found at:
https://www.theice.com/nybot_volumes.jhtml
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release regarding IntercontinentalExchange’s business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2006, and the Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2007, each as filed with the SEC on February 26, 2007, May 4, 2007 and July 27, 2007, respectively.
ICE Futures Volume and RPC
ICE Futures reported monthly volume in July 2007 of 11,951,098 contracts, an increase of 47.5% compared to 8,101,992 contracts in July 2006. ADV rose 40.8% from 385,809 contracts in July 2006 to 543,232 contracts in July 2007. ADV for the month of July represented the second highest in ICE Futures’ history.
The ICE WTI Crude futures contract had its second highest total volume month with more than 4.5 million contracts traded and its second highest ADV with more than 204,000 contracts. The second best month was also recorded in July in ICE Gas Oil futures, with more than 2 million contracts traded during the month, and ADV of more than 92,000 contracts.
The ICE UK Natural Gas futures contract had record volume in July of 118,320 contracts, and record ADV of 5,378. The ICE-ECX CFI emissions futures contract posted record total volume of 119,268 contracts in July, and record ADV of 5,421. The ICE-ECX CFI options contract also posted record total volume and ADV records.
In July 2007, ICE Futures rate per contract (RPC) averaged $1.30, compared to RPC of $1.30 in May and $1.27 in June 2007. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix.
At July 31, 2007, open interest for ICE Futures was 1,864,848 contracts, compared to 1,416,470 contracts at December 31, 2006. Exchange-wide open interest reached a new all-time high on July 12 of 1,867,953 contracts.
ICE Futures Segment: July Volume by Product
| Contract |
Total Volume
July 2007
|
Total Volume
July 2006
|
Volume
% Change
|
ADV
July 2007
|
ADV
July 2006
|
ADV
% Change
|
| ICE Brent Crude futures |
5,116,922
|
3,783,010
|
35.3
|
232,587
|
180,143
|
29.1
|
| ICE WTI Crude futures |
4,503,521
|
2,591,243
|
73.8
|
204,706
|
123,393
|
65.9
|
| ICE GasOil futures |
2,028,517
|
1,620,441
|
25.2
|
92,205
|
77,164
|
19.5
|
| Other contracts* |
302,138
|
107,298
|
181.6
|
13,734
|
5,109
|
168.8
|
| Total ICE Futures contract volume |
11,951,098
|
8,101,992
|
47.5
|
543,232
|
385,809
|
40.8
|
* "Other contracts" include ICE Middle East Sour Crude futures, which began trading May 21, 2007; ICE Heating Oil futures; ICE Unleaded Gasoline Blendstock (RBOB) futures; ICE UK Natural Gas futures; ICE-ECX CFI futures; ICE UK Electricity futures; ICE Coal futures; ICE Brent options; ICE WTI options, and ICE Gas Oil options. The ICE-ECX CFI futures contract is the result of a cooperative relationship between ICE Futures and the Chicago Climate Exchange, Inc. and its subsidiary, the European Climate Exchange. ICE Futures shares in the revenue derived from the ECX CFI Futures contract.
NYBOT Volume and RPC
Total futures and options volume at NYBOT in July 2007 increased 47.7% to 4,234,855 contracts, compared to volume of 2,867,235 contracts in July 2006. July 2007 ADV rose 40.8%, to 201,084 contracts per day. Electronic trading in soft commodity futures accounted for 82% of the total NYBOT soft commodity futures contracts in July, compared to 72% in June. In July 2007, ADV in electronically traded soft commodity futures was 103,386 contracts; total soft commodity futures volume averaged 126,323 contracts per day. ADV in Sugar No. 11 futures, NYBOT’s largest contract by volume, increased 80.0% in July compared to the same period in 2006. NYBOT set volume records in July in Cotton No. 2 options and total soft commodity options.
In June 2007, NYBOT reported an aggregate RPC for NYBOT soft commodity futures and options of $2.07, compared to $1.58 in June 2006. RPC for May 2007 was $1.68. RPC for NYBOT is reported one month in arrears.
NYBOT Segment: July Volume by Product
| Contract |
Total
Volume
July 2007
|
Total
Volume
July 2006
|
Volume
% Change
|
ADV
July 2007 |
ADV
July 2006
|
ADV
%
Change
|
ADV
% Electronic
|
| Cocoa futures |
242,710
|
331,108
|
-26.7
|
11,558
|
16,555
|
-30.2
|
87.2
|
| Sugar No. 11 futures |
1,569,731
|
835,880
|
87.8
|
74,749
|
41,794
|
78.9
|
88
|
| Sugar options |
524,611
|
459,914
|
14.1
|
24,981
|
22,996
|
8.6
|
n/a
|
| Cotton No. 2 futures |
428,059
|
184,482
|
132.0
|
20,384
|
9,224
|
121.0
|
65.4
|
| Coffee "C" futures |
361,467
|
289,028
|
25.1
|
17,213
|
14,451
|
19.1
|
76.4
|
| Coffee "C" options |
230,883
|
245,798
|
-6.1
|
10,994
|
12,290
|
-10.5
|
n/a
|
| Frozen Conc. Orange Juice (FCOJ) futures |
50,721
|
63,429
|
-20.0
|
2,415
|
3,171
|
-23.8
|
43.0
|
| FCOJ options |
31,227
|
44,633
|
-30.0
|
1,487
|
2,232
|
-33.4
|
n/a
|
| Cross Currency futures |
144,890
|
117,856
|
22.9
|
6,586
|
5,612
|
17.4
|
n/a
|
| Russell Futures |
15,956
|
8,266
|
93.0
|
725
|
394
|
84.3
|
87.4
|
| US Dollar Index futures |
87,020
|
73,220
|
18.8
|
3,955
|
3,487
|
13.4
|
47.7
|
| Other contracts* |
547,580
|
213,621
|
156.3
|
26,036
|
10,622
|
145.1
|
n/a
|
| Total NYBOT futures & options** |
4,234,855
|
2,867,235
|
47.7
|
201,084
|
142,828
|
40.8
|
80.8
|
* "Other contracts" are NYBOT's additional markets for food, fiber, foreign exchange and index products.
** ADV % Electronic calculation excludes products that were not available for electronic trading at any time during the month. ICE began offering electronic trading for the NYBOT Russell 1000® and the NYBOT US Dollar Index on June 15, 2007.
OTC Business Segment
Average daily commissions reflect daily trading activity in ICE’s OTC markets. In July 2007, ICE’s average daily commissions increased 40.6% to $834,888 compared to $593,821 in July 2006.
OTC Segment: July Average Daily Commissions
|
July 2007
|
July 2006
|
% Change
|
|
| ICE OTC Average Daily Commissions |
$834,888
|
$593,821
|
40.6
|
Additional July 2007 Highlights:
- On July 9, ICE announced that it closed on its acquisition of ChemConnect, Inc.'s commodity trading business. ChemConnect is the leading electronic marketplace for the natural gas liquids (NGLs) and chemicals markets, which have a notional value of approximately $150 billion.
- On July 18, 2007, ICE provided written notice to LCH.Clearnet Ltd. to terminate the existing clearing agreements for ICE's energy futures and OTC derivatives businesses. The clearing agreements will terminate 12 months from the date of the notice unless the parties agree to a different termination date. ICE expects to fully transition its energy futures and OTC derivatives clearing business to its ICE Clear Europe operations in the third quarter of 2008.
- On July 24, ICE named Paul Swann, a 20-year veteran in European derivatives and equities clearing, President and Chief Operating Officer of ICE Clear Europe.
- On July 24, ICE announced that the Russell 2000® Index full-size and mini-size will begin trading on the ICE trading platform on Friday, August
17. - On July 24, ICE announced that an expanded range of over-the-counter crude oil products covering the European, Asian and Middle Eastern markets will be offered on the ICE platform. The two OTC products are the Gasoil Crack Differential and the 1st Line Dubai Swap. In addition, several new bilateral contracts were listed earlier this month, including the Dubai, Oman, Tapis, Upper Zakum and Minas delivery points.
- ICE announced on July 26 that effective September 3, 2007, NYBOT will be renamed ICE Futures US, reflecting the successful integration of NYBOT with ICE's existing businesses and reinforcing ICE's comprehensive offering of products and services, and its emphasis on innovation, customer focus and growth. ICE's London-based FSA-regulated operations will be named ICE Futures Europe.
- Electronic trading in NYBOT US Dollar Index futures reached a new daily record on July 2 with 4,953 contracts, representing 44% of total trading in
the product that day. The contract also established a new open interest high on July 25 of 47,619 contracts. NYBOT Cotton No. 2 options established a new daily volume record on July 9 of 64,735 contracts. Various NYBOT contracts set new open interest highs during July, including total options, Coffee "C" futures, USDX futures, Cotton No. 2 options and Frozen Concentrated Orange Juice options. - ICE Futures established numerous open interest records in July, in addition to the exchange-wide record, including in ICE Gas Oil futures, ICE UK Natural Gas futures and in both the ICE-ECX CFI futures and options contracts.
Historical futures volume and OTC commission data can be found at:
www.theice.com/marketdata/recordsAndVolumes/volumes2007.jsp
Volume and open interest information on NYBOT can be found at:
https://www.theice.com/nybot_volumes.jhtml
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release regarding IntercontinentalExchange’s business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2006, and the Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2007, each as filed with the SEC on February 26, 2007, May 4, 2007 and July 27, 2007, respectively.
About IntercontinentalExchange
IntercontinentalExchange® (NYSE: ICE) operates the leading global, electronic marketplace for trading both futures and OTC energy contracts and the leading soft commodity exchange. ICE’s markets offer access to a range of contracts based on crude oil and refined products, natural gas, power and emissions, as well as soft commodities including cocoa, coffee, cotton, ethanol, orange juice, wood pulp and sugar, in addition to currency and index futures and options. ICE® conducts its energy futures markets through its U.K. regulated London-based subsidiary, ICE Futures, Europe’s leading energy exchange. ICE Futures offers liquid markets in the world’s leading oil benchmarks, Brent Crude futures and West Texas Intermediate (WTI) Crude futures, trading nearly half of the world’s global crude futures by volume of commodity traded. ICE conducts its soft commodity futures and options markets through its U.S. regulated subsidiary, the New York Board of Trade®. For more than a century, the NYBOT® has provided global markets for food, fiber and financial products. ICE was added to the Russell 1000® Index on June 30, 2006. Headquartered in Atlanta, ICE also has offices in Calgary, Chicago, Houston, London, New York and Singapore. For more information, please visit www.theice.com and www.nybot.com.
