Fueling the growth again were the entry of new participants into ICE’s electronic markets and expanded levels of trading in futures and OTC markets by existing customers.
ICE also reported solid volume in the newest product at ICE Futures, with average daily volume in the new ICE WTI Crude futures contract of 41,858 from the February 3 launch through the end of the month. Excluding trading on President’s Day, a U.S. holiday during which the ICE Futures markets were open for trading, average daily volume was 43,955 contracts. On two occasions since the launch of the product, daily volume exceeded 58,000 contracts. The contract has recorded the strongest start of any new product in ICE Futures’ history. Open interest in the ICE WTI Crude Futures contract on February 28 stood at 71,603.
OTC Business Segment
In ICE’s OTC business segment, average daily commissions reflect daily trading activity in the company’s OTC markets. In February 2006, ICE’s average daily commissions increased to $421,205, up 73.2% compared to $243,231 in February 2005. Growth in average daily commissions was driven primarily by the continued expansion of ICE’s cleared OTC product volumes, particularly in natural gas and power. On February 3, 2006, ICE transitioned its cleared OTC WTI crude oil bullet swap contract into the new ICE WTI Crude futures contract.
OTC Segment: February Average Daily Commissions
|
Feb. 2006
|
Feb. 2005
|
% Change
|
|
| ICE OTC Average Daily Commissions |
$421,205
|
$243,231
|
73.2%
|
Futures Business Segment
At ICE Futures, the company’s futures business segment, average daily volume (ADV) in February 2006 increased 81.8% to 255,396 contracts compared to 140,493 contracts in February 2005. Total monthly futures volume also rose 81.8% to a record 5,107,913 contracts in February 2006, compared to monthly volume of 2,809,863 in February 2005. February was the second consecutive month of an ICE Futures volume record, exceeding by 7.4% the January 2006 monthly volume record of 4,754,400 contracts.
The month included a record volume day at ICE Futures on February 7, with 364,064 contracts changing hands, which is 21.5% higher than the previous record day achieved in January 2006, and the first time that ICE Futures volume exceeded 300,000 contracts in a single day. The record day included 45,962 contracts traded in the new ICE WTI Crude futures contract. Excluding the ICE WTI Crude futures contract volume on the record day, volume was 318,102 contracts, which exceeded the prior record by 6.2%. Volume subsequently exceeded the 300,000 level three more times in February.
At February 28, 2006, total open interest in ICE Futures contracts stood at 761,098 contracts, with open interest in the IPE Brent Crude futures contract at 399,238. This compares to total open interest of 565,734 contracts and IPE Brent Crude futures open interest of 351,673 at February 28, 2005.
Futures Segment: February Volume Statistics
| Contract |
ADV
Feb. 2006
|
ADV
Feb. 2005
|
ADV%
Change
|
Total Volume
Feb. 2006
|
Total Volume
Feb. 2005
|
Volume %
Change
|
| IPE Brent Crude futures | 153,018 | 99,347 | 54.0% | 3,060,351 | 1,986,936 | 54.0% |
| IPE GasOil futures | 60,944 | 38,443 | 58.5% | 1,218,886 | 768,861 | 58.5% |
| ICE WTI Crude futures | 37,672** | n/a | n/a | 753,441 | n/a | n/a |
| Other contracts* | 3,762 | 2,703 | 39.2% | 75,235 | 54,066 | 39.2% |
| Total ICE Futures | 255,396 | 140,493 | 81.8% | 5,107,913 | 2,809,863 | 81.8% |
*“Other contracts” include IPE Natural Gas Futures, ECX CFI Futures, IPE Electricity futures and IPE Brent Options and IPE Gas Oil Options. The 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.
**The ICE WTI Crude futures contract began trading on February 3, 2006. The ADV for ICE WTI Crude futures in the above table includes two trading days (February 1 and 2) when the ICE WTI Crude futures contract was not yet available for trading. The ICE WTI Crude futures contract ADV since the launch date of February 3 is 41,858.
Additional February Highlights:
• IPE Gas Oil futures traded at ICE Futures achieved a new open interest record on February 3 of 240,586 contracts.
• A fee waiver on execution will be in place for the ICE WTI Crude futures contract from launch through March 31, 2006.
• ICE in February announced plans to introduce more than 50 additional cleared contracts in its OTC markets during the first half of 2006, with the first ten natural gas contracts available for trading beginning today, March 3.
Additional historical futures volume and OTC commission data can be found at: https://www.theice.com/exchange_volumes_2005.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 "Risk Factors" in the Company's Registration Statement on Form S-1 (Reg. No. 333-123500), as amended, as filed with the Securities and Exchange Commission.
