IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges and over-the- counter (OTC) markets, today reported volume of 20.4 million futures contracts in the first month of 2009, a decline of 5% from January 2008. ICE operates three regulated futures exchanges: ICE Futures Europe(R), ICE Futures U.S.(R), and ICE Futures Canada(TM).
Average daily volume (ADV) for all ICE Futures contracts reached 977,569 in January 2009, a decrease of 1% from January 2008. ADV at ICE Futures Europe grew 14% compared to the first month of 2008, with new monthly ADV records for the benchmark Brent and Gas Oil futures contracts. ADV at ICE Futures U.S. and ICE Futures Canada declined 24% and 25%, respectively, from January 2008.
European Futures Volume and RPC
ICE Futures Europe is ICE's London-based regulated energy futures exchange. In January, ICE Futures Europe reported monthly volume of 14,115,148 contracts, a 9% increase from 12,991,658 contracts in January 2008. ADV was 672,150, up 14% from ADV of 590,530 the prior January. The benchmark ICE Brent Crude and ICE Gas Oil futures contracts set new monthly ADV records of 312,213 and 145,687 contracts, respectively.
The three-month rolling average rate per contract (RPC) for January 2009 was $1.54. RPC averaged $1.42 and $1.32, respectively, for the three-month periods ended December and November 2008. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix. With the launch of ICE Clear Europe(R) on November 3, 2008, January RPC includes three full months of clearing revenues.
Open interest for ICE Futures Europe was 2,223,568 contracts as of January 31, 2009, compared to 2,102,574 contracts on December 31, 2008.
North American Futures Volume and RPC
ICE's agricultural, soft commodity, financial and index futures trade on ICE's U.S. and Canadian futures exchanges. Total volume at ICE Futures U.S. was 5,968,636 in January 2009, a 26% decrease from 8,045,673 contracts in the first month of 2008. January 2009 ADV decreased 24%, to 292,150 contracts, compared with 382,602 contracts in January 2008.
The three-month rolling average RPC for agricultural futures and options was $2.25 in January 2009, compared to $2.25 and $2.24 for the three-month periods ended December and November 2008, respectively. RPC for financial futures and options contracts averaged $0.74 for the three-months ended January 2009 versus $0.78 and $0.88 for the three-month periods ended December and November 2008, respectively.
Open interest for ICE Futures U.S. was 3,158,683 contracts as of January 31, 2009, compared to 3,028,877 contracts on December 31, 2008.
ICE Futures Canada recorded volume of 278,647 contracts in January 2009, down 28% from January 2008. ADV was 13,269, a decline of 25% from the month of January 2008. Open interest for ICE Futures Canada was 101,032 on January 31, 2009, compared to 97,673 contracts on December 31, 2008.
ICE Futures: Rolling Three-Month Average Rate per Contract
Three Months Three Months Three Months
Ending Ending Ending
Product Line January 2009 December 2008 November 2008
ICE Futures Europe $1.54 $1.42 $1.32
ICE Futures U.S. Ag $2.25 $2.25 $2.24
ICE Futures U.S. Fin $0.74 $0.78 $0.88
Additional January 2009 Information:
-- On January 9, ICE launched 11 OTC energy contracts cleared by ICE Clear
Europe, the second set of new cleared contracts since the November
launch of ICE's European clearing house.
-- Trading days in January 2009:
- ICE Futures Europe: 21
- ICE Futures U.S. Agricultural: 20
- ICE Futures U.S. Currency and Index: 21
- ICE Futures Canada: 21
-- ICE Futures Europe product records achieved in January 2009:
- The ICE Brent Crude futures contract had the second-highest total
monthly volume in exchange history, with 6,556,477 contracts traded.
The contract also had record monthly ADV of 312,213.
- The ICE Gas Oil futures contract set new monthly records for total
volume and ADV, at 3,059,426 and 145,687, respectively.
ICE Futures: January 2009 Average Daily Volume by Product
ADV ADV ADV
Product Line January 2009 January 2008 % Change
ICE Brent Crude futures 312,213 255,811 22.0
ICE WTI Crude futures 186,130 205,565 -9.5
ICE Gas Oil futures 145,687 115,503 26.1
Other contracts (1) 28,120 13,651 106.0
Total ICE Futures Europe 672,150 590,530 13.8
Russell 2000 mini futures & options 117,612 294 39,861.0
Sugar No. 11 futures & options 105,102 259,641 -59.5
Other agricultural commodity
contracts (2) 61,420 111,919 -45.1
Currency futures (3) 2,989 5,688 -47.4
Index futures (4) 4,785 4,697 1.9
Other contracts (5) 241 362 -33.5
Total ICE Futures U.S. 292,150 382,602 -23.6
Total ICE Futures Canada (6) 13,269 17,709 -25.1
TOTAL FUTURES CONTRACTS 977,569 990,841 -1.3
(1)"Other contracts" include ICE Middle East Sour Crude futures; ICE Heating Oil futures; ICE Unleaded Gasoline Blendstock (RBOB) futures; ICE UK Natural Gas futures; ICE-ECX CFI futures; ICE-ECX CFI CER futures; ICE UK Electricity futures; ICE Coal futures; ICE Brent options; ICE WTI options, ICE Gas Oil options; ICE-ECX CFI options and ICE-ECX CFI CER options. The ICE-ECX CFI futures and options contracts and the ICE-ECX CFI CER futures and options contracts are the result of a cooperative relationship between ICE Futures Europe and the Chicago Climate Exchange, Inc. and its subsidiary, the European Climate Exchange. ICE Futures Europe shares in the revenue derived from the ECX CFI and ECX CER futures and options contracts.
(2) "Other agricultural commodity contracts" include futures and/or options for Cocoa, Coffee "C", Cotton No. 2, Orange Juice, and Sugar No. 14.
(3) "Currency futures" include futures for foreign exchange products and ICE millions contracts.
(4) "Index futures" include futures for the US Dollar Index, Russell 2000 (full size), Russell 1000, Russell 1000 mini, the Continuous Commodity Index, the Euro Index, and the NYSE Composite. The transition of the Russell Index futures and options contracts to exclusive trading on ICE occurred in September 2008.
(5) "Other contracts" include options on foreign exchange futures and options on index futures, excluding Russell 2000 mini options.
(6) "ICE Futures Canada" includes futures and options for Canola and Feed Wheat.
Monthly RPC and volumes are estimated using best available current information. Final figures are reported in ICE's quarterly and annual filings with the Securities and Exchange Commission.
Historical futures volume and OTC commission data can be found at: http://ir.theice.com/supplemental.cfm
