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IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, today reported futures volume for March and the first quarter of 2013. ICE's average daily volume (ADV) for futures and options for March 2013 was 3,808,927 contracts, an increase of 17% from the prior March. Total contract volume in March 2013 was 76 million. All prior period contract volumes have been adjusted to include the transitioned futures contracts, which previously traded in ICE's OTC markets.
Credit Transaction and Clearing Revenues
- First quarter revenues from ICE's credit default swap (CDS) trade execution, processing and clearing business totaled $33 million, compared to $40 million in the prior first quarter, and included $16 million in CDS clearing revenues.
Financial Guidance
- ICE expects 1Q13 acquisition-related transaction costs in the range of $16 million to $18 million, related to the NYSE Euronext and ICE Endex transactions, which will be excluded from non-GAAP results.
- ICE expects duplicate rent expenses and lease termination costs in the range of $3 million to $4 million in both 1Q13 and 2Q13, which will be excluded from non-GAAP results.
March 2013 Review
- Following the receipt of European regulatory competition clearance, ICE announced the launch of ICE Endex, a transparent exchange platform for European natural gas and power markets.
- In May 2013, ICE will introduce four credit index futures contracts based on the Markit CDX and Markit iTraxx indices, subject to regulatory review.
- ICE Clear Credit surpassed $350 billion cumulatively cleared by buy-side customers. Of this total, ICE has cleared $169 billion since mandatory clearing of CDX for Category 1 firms began on March 11, 2013.
- ICE Trade Vault Europe filed its application with European regulators to establish a trade repository to serve European futures and swaps markets.
- Daily volume records were established in ICE USDX futures (88,394 contracts on March 13), RBOB Gasoline futures (37,744 contracts on March 11), Heating Oil futures (26,850 contracts on March 6) and Russell 1000 Growth Index Mini futures (11,064 contracts on March 12). A monthly volume record was also set in RBOB Gasoline futures of 342,306 contracts.
- In March, ICE's Henry Hub Natural Gas futures contract recorded nine daily open interest records. Additional open interest records were set in ICE Brent Crude futures, Dutch TTF Gas futures and options, and Rotterdam Coal futures and options contracts.
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ICE Futures Contracts & Markets ADV |
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Product Line (Futures & Options) |
ADV Mar 2013 |
ADV Mar 2012 |
ADV % Change |
ADV 1Q13 |
ADV 1Q12 |
ADV % Change |
|
ICE Brent |
719,735 |
575,479 |
25.1% |
694,059 |
595,323 |
16.6% |
|
ICE Gasoil |
265,143 |
251,861 |
5.3% |
281,743 |
271,996 |
3.6% |
|
ICE Other Oil (1)* |
238,637 |
197,910 |
20.6% |
258,636 |
215,728 |
19.9% |
|
ICE OIL |
1,223,514 |
1,025,250 |
19.3% |
1,234,438 |
1,083,047 |
14.0% |
|
ICE Natural Gas* |
1,618,252 |
1,475,048 |
9.7% |
1,355,797 |
1,863,185 |
-27.2% |
|
ICE Power* |
488,657 |
268,975 |
81.7% |
565,301 |
363,995 |
55.3% |
|
ICE Emissions & Other (2) |
48,607 |
38,059 |
27.7% |
50,357 |
39,386 |
27.9% |
|
TOTAL ENERGY |
3,379,030 |
2,807,332 |
20.4% |
3,205,893 |
3,349,613 |
-4.3% |
|
ICE Sugar |
116,323 |
128,797 |
-9.7% |
141,166 |
136,713 |
3.3% |
|
ICE Other Ags (3) |
114,434 |
119,180 |
-4.0% |
137,897 |
121,607 |
13.4% |
|
TOTAL AGRICULTURAL |
230,758 |
247,977 |
-6.9% |
279,063 |
258,320 |
8.0% |
|
ICE Equity Index (4) |
154,409 |
175,158 |
-11.8% |
116,215 |
144,541 |
-19.6% |
|
ICE FX (5) |
44,730 |
36,862 |
21.3% |
38,670 |
31,703 |
22.0% |
|
TOTAL FINANCIALS |
199,139 |
212,020 |
-6.1% |
154,886 |
176,244 |
-12.1% |
|
TOTAL FUTURES & OPTIONS |
3,808,927 |
3,267,329 |
16.6% |
3,639,842 |
3,784,177 |
-3.8% |
|
Note: Figures may not foot due to rounding. |
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(1) "ICE Other Oil" includes futurized oil contracts, WTI, Heating Oil, RBOB Gasoline and Middle East Sour Crude. Excludes Daily Brent Bullet contracts. |
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(2) "ICE Emissions & Other" includes all emissions contracts, freight, coal and iron ore and uranium. |
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(3) "ICE Other Ags" includes Cocoa, Coffee "C", Cotton No. 2, Orange Juice, Corn, Wheat, Soybeans, Barley and Canola. |
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(4) "ICE Equity Index" includes the Russell 2000®, Russell 1000®, and the Continuous Commodity Index. |
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(5) "ICE FX" includes futures and options for the U.S. Dollar Index and foreign exchange. |
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*Historical volume has been adjusted to include new energy futures contracts. |
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ICE Futures Monthly and YTD Volume |
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Futures & Options Products |
March 2013 |
March 2012 |
Volume % Change |
Volume 1Q13 |
Volume 1Q12 |
Volume % Change |
|
Energy* |
67,580,602 |
61,761,293 |
9.4% |
192,353,582 |
207,676,002 |
-7.4% |
|
Agricultural |
4,615,155 |
5,455,490 |
-15.4% |
16,765,106 |
16,040,182 |
4.5% |
|
Financials |
3,982,785 |
4,664,445 |
-14.6% |
9,293,132 |
10,927,119 |
-15.0% |
|
TOTAL CONTRACTS |
76,178,542 |
71,881,228 |
6.0% |
218,411,820 |
234,643,303 |
-6.9% |
|
*Historical energy volume has been adjusted to include new energy futures contracts. |
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Rolling Three-Month Average Rate per Contract (RPC) |
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|
Futures & Options Products |
Three Months Ending March 2013 |
Three Months Ending February 2013 |
Three Months Ending January 2013 |
|
Energy* |
$1.05 |
$1.07 |
$1.08 |
|
Agricultural* |
$2.59 |
$2.59 |
$2.54 |
|
Financials |
$1.02 |
$1.03 |
$1.04 |
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*Historical energy RPC has been adjusted to include new energy futures contracts and agricultural RPC has been adjusted to include Canadian contracts. |
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ICE Futures & Options Open Interest |
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March 31, 2013 |
December 31, 2012 |
|
|
Energy* |
79,020,878 |
70,108,837 |
|
Agricultural |
2,681,722 |
2,502,583 |
|
Financials |
541,436 |
463,058 |
|
*Historical energy open interest has been updated to include new energy futures contracts. |
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- Through March 28, ICE's CDS clearing houses have cleared $39 trillion in gross notional value on a cumulative basis across 1.2 million trades. ICE Clear Credit has cleared $22.8 trillion in CDS resulting in open interest of $793 billion. ICE Clear Europe has cleared €11.9 trillion ($16.1 trillion) in CDS resulting in €561 billion ($718 billion) of open interest. ICE lists 439 CDS instruments for clearing. A complete summary of CDS clearing can be found at: https://www.theice.com/clear_credit.jhtml
- Trading days in March 2013
- ICE Futures Europe & U.S: 20
- ICE Futures Canada: 20
Note: As of October 15, 2012, ICE transitioned all of the open interest in OTC cleared energy swaps contracts to futures contracts. All futures volumes in the tables above have been adjusted to treat, on a pro forma basis, the OTC cleared energy swaps contracts as futures contracts for all periods prior to October 2012.
RPC is calculated by dividing transaction revenues by contract volume, and may vary based on pricing, customer and product mix.
Historical futures volume and OTC commission data can be found at:
http://ir.theice.com/supplemental.cfm
