IntercontinentalExchange (NYSE: ICE), a leading operator of global derivatives exchanges and over-the-counter (OTC) markets, today reported solid growth in volume and commissions for the month of April. Average daily volume (ADV) in futures during April rose 14%, and OTC commissions increased 96% over April 2007.
- Total ADV for all ICE Futures contracts reached 863,325 in April 2008 compared to 755,474 in April 2007.
- ADV at ICE Futures Europe(TM) reached 568,965 contracts in April 2008, an increase of 15% over April 2007; a total monthly volume record was achieved in the ICE Brent Crude futures contract.
- ADV at ICE Futures U.S.(TM) increased to 279,122 contracts in April 2008, up 14% from April 2007; volume records were achieved in the Russell 2000 mini futures contract.
- ADV at ICE Futures Canada(TM) in April 2008 was 15,238 contracts, a 4% increase year-to-year.
- Average daily commissions for ICE's global OTC business nearly doubled to $1,268,742, a 96% increase over April 2007, and the fourth consecutive month that OTC commissions exceeded $1 million.
European Futures Volume and RPC
ICE Futures Europe reported April volume of 12,517,220 contracts, representing a 26% increase from 9,937,609 contracts in April 2007. ADV was 568,965 contracts, up 15% from 496,880 the prior April.
The three-month rolling average rate per contract (RPC) for the period ended April 2008 was $1.24. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix. RPC averaged $1.25 for the first quarter of 2008 and $1.27 for the three months ended February 2008.
On April 30, 2008, open interest for ICE Futures Europe was 1,749,081 contracts, compared to 1,641,399 contracts at December 31, 2007.
North American Futures Volume and RPC
Total futures and options volume at ICE Futures U.S. increased 26% to 6,140,692 contracts in April 2008, compared to volume of 4,885,552 contracts in April 2007. April 2008 ADV rose 14%, to 279,122 contracts, compared with 243,882 contracts in April 2007.
The three-month rolling average RPC for the period ended April 2008 was $2.16 for agricultural futures and options. RPC averaged $2.14 and $2.16 for the first quarter of 2008 and the rolling three-month period ended February 2008, respectively.
On April 30, 2008, open interest for ICE Futures U.S. was 3,455,320 contracts, compared to 3,389,923 contracts at December 31, 2007.
ICE Futures Canada recorded April 2008 contract volume of 335,242 contracts, up 13.9% over April 2007. ADV was 15,238 contracts, an increase of 3.6% over the prior April.
On April 30, 2008, open interest for ICE Futures Canada was 144,128 compared to 168,928 contracts on December 31, 2007.
Global OTC Markets
In April 2008, ICE's average daily commissions were $1,268,742, an increase of 96% compared to $647,787 in April 2007. Average daily commissions reflect daily trading activity in ICE's global OTC energy markets.
Additional April 2008 Information:
- On April 2, ICE and globalCOAL announced a cooperation agreement to develop and launch two new coal futures contracts at ICE Futures Europe. The contracts, expected to launch in the second half of the year, consist of financially settled NEWC coal futures and physically settled ARA coal futures.
- On April 23, ICE and the European Climate Exchange announced the introduction of options contracts on Certified Emission Reductions beginning on May 16, 2008.
- Trading days in April 2008:
- ICE Futures Europe: 22
- ICE Futures U.S. Agricultural: 22
- ICE Futures U.S. Currency and Index: 22
- ICE Futures Canada: 22
- ICE OTC: 22
- ICE Futures Europe product records achieved for the month:
- The ICE Brent Crude futures contract set an all-time total monthly volume record of 5,703,333.
- Total and ADV records of 141,747 and 6,442, respectively, were achieved for the ICE ECX CFI emissions futures contract.
- ICE Futures U.S. product records achieved for the month:
- A daily volume record of 4,688 was set on April 30 in the Russell 2000 mini contract, surpassing by 62% the previous record of 2,899.
- Monthly volume in the Russell 2000 mini reached a record 36,839 contracts, more than doubling the previous record of 16,624 contracts in October 2007.
ICE Futures: April 2008 Average Daily Volume by Product
ADV ADV ADV
April April %Change
Product Line 2008 2007
ICE Brent Crude futures 259,242 214,855 20.7
ICE WTI Crude futures 197,424 193,244 2.2
ICE Gas Oil futures 96,871 80,572 20.2
Other contracts (1) 15,428 8,209 87.9
Total ICE Futures Europe 568,965 496,880 14.5
Sugar No. 11 futures 131,339 101,160 29.8
Other agricultural
commodity contracts (2) 134,508 134,804 -0.2
Currency futures (3) 5,016 4,933 1.7
Index futures (4) 7,804 2,266 244.3
Other contracts (5) 455 718 -36.6
Total ICE Futures U.S. 279,122 243,882 14.4
Total ICE Futures Canada (6) 15,238 14,712 3.6
TOTAL FUTURES CONTRACTS (7) 863,325 755,474 14.3
(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 and ICE-ECX CFI options. The ICE-ECX CFI 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 futures and options contracts.
(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 futures" include futures for foreign exchange products.
(4) "Index futures" include futures for the US 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) "ICE Futures Canada" includes futures and options for Canola, Feed Wheat and Western Barley.
(7) ICE Futures U.S. was acquired by ICE on January 12, 2007, and ICE Futures Canada was acquired by ICE on August 27, 2007.
ICE Futures: Rolling Three-Month Average Rate per Contract
Three Months Three Months Three Months
Product Line Ending Ending Ending
April 2008 March 2008 February 2008
ICE Futures Europe $1.24 $1.25 $1.27
ICE Futures U.S. $2.16 $2.14 $2.16
Monthly RPC and OTC commissions are estimated using best available current information. Final audited 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
About IntercontinentalExchange
IntercontinentalExchange(R) (NYSE: ICE) is a leading operator of global exchanges and over-the-counter (OTC) markets. ICE offers futures and OTC markets on a single trading platform, including markets for crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities and financial products such as canola, cocoa, coffee, cotton, ethanol, orange juice, wood pulp, sugar, foreign currency and equity index futures and options. ICE(R) conducts its energy futures markets, including the leading oil benchmark contracts, through its London-based exchange, ICE Futures Europe(TM). ICE conducts its global agricultural commodity, foreign exchange and equity index futures markets through its U.S. and Canadian exchanges, ICE Futures U.S.(TM) and ICE Futures Canada(TM), and offers clearing services through ICE Clear U.S.(TM) and ICE Clear Canada(TM). ICE's state-of-the-art electronic trading platform serves market participants in more than 55 countries. ICE is included in the Russell 1000(R) Index and the S&P 500 Index. Headquartered in Atlanta, ICE has offices in Calgary, Chicago, Houston, London, New York, Singapore and Winnipeg. For more information, please visit www.theice.com.
