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IntercontinentalExchange (NYSE: ICE), the leading electronic energy marketplace and soft commodity exchange, today reported solid volume growth in all business segments and record growth in its energy businesses for the month of September 2007.
-- Average daily volume (ADV) for ICE Futures Europe reached a record
598,651 contracts traded in September 2007, an increase of 33.7% over
September 2006.
-- ADV at ICE Futures U.S. was 241,898 contracts in September 2007, up
22.4% from September 2006.
-- ADV for the Winnipeg Commodity Exchange Inc. (WCE) for September 2007
was 13,313 contracts, an increase of 10.6% compared to September 2006.
-- Average daily commissions for ICE's global over-the-counter (OTC)
business were a record $975,828, a 21.1% increase over September 2006.
European Futures Volume and RPC
ICE Futures Europe reported total volume in September 2007 of 11,973,011 contracts, up 27.3% compared to 9,403,942 contracts in September 2006. ADV rose 33.7% from 447,807 contracts in September 2006 to 598,651 contracts in September 2007. Several ICE Futures Europe contracts traded at or near record levels during September. In the third quarter, ADV at ICE Futures Europe totaled 552,537 contracts, an increase of 33.8% over the prior third quarter.
In September 2007, rate per contract (RPC) for ICE Futures Europe was $1.31, compared to an average RPC of $1.27 for the initial two months of the third quarter. The three-month rolling average for RPC for the period of July 2007 through September 2007 was $1.28. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix. For the third quarter, RPC totaled $1.28, compared to $1.29 in the second quarter of 2007.
On September 30, 2007, open interest for ICE Futures Europe was 1,862,696 contracts, compared to 1,416,470 contracts at December 31, 2006. Open interest reached a new record on September 18 of 1,917,977 contracts.
North American Futures Volume and RPC
Total futures and options volume at ICE Futures U.S. increased 16.0% to 4,615,469 contracts in September 2007, compared to volume of 3,979,406 contracts in September 2006. September 2007 ADV rose 22.4%, to 241,898 contracts, compared with 197,667 contracts in September 2006. In the third quarter, ADV at ICE Futures U.S. totaled 208,022 contracts, an increase of 23.0% over the prior third quarter.
Electronic trading in agricultural commodity futures accounted for 79% of the total ICE Futures U.S. agricultural commodity futures contracts in September, compared to 80% in August. In September 2007, ADV in electronically traded agricultural commodity futures was 134,690 contracts; total agricultural commodity futures volume averaged 171,437 contracts per day.
In August 2007, ICE Futures U.S. reported an aggregate RPC for agricultural commodity futures and options of $2.10, compared to $1.55 in August 2006. RPC for July 2007 was $1.92. The three-month rolling average for RPC for the period of June 2007 through August 2007 was $2.03. RPC for ICE Futures U.S. is reported one month in arrears.
September contract volume for ICE's Canadian futures business, WCE, totaled 252,945 contracts and ADV was 13,313 contracts. Total volume and ADV increased 5.0% and 10.6%, respectively, over September 2006.
Global OTC
In September 2007, ICE's average daily commissions reached a record $975,828, an increase of 21.1% compared to $806,011 in September 2006. Average daily commissions reflect daily trading activity in ICE's OTC markets. For the third quarter of 2007, average daily commissions were a record $890,092, an increase of 20.6% over the prior third quarter.
Additional September 2007 Highlights:
-- On September 10, 2007, ICE entered into an agreement to acquire the
assets of Chatham Energy Partners, LLC. Chatham is a leading brokerage
firm that specializes in structuring and facilitating transactions in
the OTC markets for natural gas options. Chatham will support ICE's
strategic plans to develop the leading electronic marketplace for OTC
natural gas options.
-- For the third quarter ended September 30, 2007, ICE will recognize
expenses relating to the Russell Licensing Agreement in the range of
$1.5 million to $1.8 million. ICE will provide additional expense
guidance on this agreement when third quarter earnings are reported on
October 25.
-- ICE Futures Europe has exceeded 100 million contracts traded year to
date for the first time in a calendar year during the month of
September. Below are selected records achieved at ICE Futures Europe
in September 2007:
-- ICE Brent and Gas Oil set new ADV records, with ICE WTI ADV reaching
the second highest in the exchange's history.
-- The ICE Gas Oil futures contract reached record volume of 173,843 on
September 6. On September 19, open interest in Gas Oil futures
reached a record 382,948 contracts. September marked the first month
ever that ADV for the contract exceeded 100,000 contracts.
-- ICE Futures Europe recorded its second highest total daily volume of
840,174 futures and options contracts on September 6.
-- ICE Futures U.S. records achieved in September 2007:
-- The U.S. Dollar Index (USDX) futures contract reached record
electronic volume of 8,051 contracts on September 12.
-- The Coffee "C" futures contract set an electronic volume record of
41,270 on September 17.
ICE Futures: September 2007 Volume by Product
Product Line ADV ADV ADV ADV
September September % Change %
2007 2006 Electronic(7)
ICE Brent Crude futures 249,464 184,299 35.4 n/a
ICE WTI Crude futures 221,222 167,793 31.8 n/a
ICE Gas Oil futures 115,025 88,048 30.6 n/a
Other contracts (1) 12,940 7,667 68.8 n/a
Ttl. ICE Futures Europe 598,651 447,807 33.7 n/a
Sugar No. 11 futures 114,509 87,341 31.1 77.8
Other agricultural
commodity contracts (2) 107,986 84,255 28.2 80.1
Currency futures (3) 9,487 13,825 -31.4 n/a
Index futures (4) 9,384 11,679 -19.7 46.2
Other contracts (5) 532 567 -5.8 n/a
Ttl. ICE Futures U.S. 241,898 197,667 22.4 76.8
Total WCE (6) 13,313 12,042 10.6 100
TOTAL FUTURES CONTRACTS (8) 853,862 657,516 29.9 n/a
(1)"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.
(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 contracts" include futures for foreign exchange products.
(4) "Index contracts" include futures for the U.S. 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) "WCE contracts" include futures and options for Canola, Feed Wheat and
Western Barley.
(7) ADV % Electronic calculation applies to ICE Futures U.S. and excludes
products that were not available for electronic trading at any time
during the month. ICE Futures Europe is an electronic exchange.
(8) ICE Futures U.S. was acquired by ICE on January 12, 2007 and WCE was
acquired by ICE on August 27, 2007. The 2006 data is included for
comparison purposes.
ICE Futures: Rolling Three-Month Average Rate per Contract
Three Months Three Months Three Months
Product Line Ending Ending Ending
September 2007 August 2007 July 2007
ICE Futures Europe $1.28 $1.27 $1.29
Three Months Three Months Three Months
Ending Ending Ending
August 2007 July 2007 June 2007
ICE Futures U.S. (1) $2.03 $1.91 $1.84
(1) RPC for ICE Futures U.S. represents agricultural commodities only and
is reported one month in arrears.
Historical futures volume and OTC commission data can be found at: www.theice.com/marketdata/recordsAndVolumes/volumes2007.jsp
About IntercontinentalExchange
IntercontinentalExchange(R) (NYSE: ICE) operates global commodity and financial products marketplaces, including the world's leading electronic energy markets and soft commodity exchange. ICE's diverse futures and over- the-counter (OTC) markets offer contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including canola, cocoa, coffee, cotton, ethanol, orange juice, wood pulp and sugar, in addition to foreign currency and equity index futures and options. ICE(R) conducts its energy futures markets through ICE Futures Europe(sm), its London-based futures exchange, which offers the world's leading oil benchmarks and trades nearly half of the world's global crude futures in its markets. ICE conducts its soft commodity, foreign exchange and equity index markets through its U.S. futures exchange, ICE Futures U.S.(sm), which provides global futures and options markets, as well as clearing services through ICE Clear U.S.(sm) In August 2007, ICE acquired the Winnipeg Commodity Exchange Inc., the leading agricultural futures exchange in Canada. ICE's state-of-the-art electronic trading platform brings market access and transparency to participants in more than 50 countries. ICE was added to the Russell 1000(R) Index in June 2006 and the S&P 500 Index in September 2007. Headquartered in Atlanta, ICE also has offices in Calgary, Chicago, Dublin, Houston, London, New York, Singapore and Winnipeg. For more information, please visit www.theice.com.
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.
SOURCE IntercontinentalExchange
http://www.theice.com
