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ICE Reports October Volume and OTC Commissions
Nov 02, 2007 (08:11 AM EDT)
ATLANTA, Nov. 2 /PRNewswire-FirstCall/ -- IntercontinentalExchange , a leading global exchange operator and over-the-counter (OTC) energy marketplace, today reported solid volume growth in all of its business segments for the month of October, including record volume at ICE Futures Europe and the Winnipeg Commodity Exchange, Inc. (WCE).
-- Average daily volume (ADV) at ICE Futures Europe reached 584,740 contracts traded in October 2007, an increase of 24% over October 2006. -- ADV at ICE Futures U.S. was 194,020 contracts in October 2007, up 33% from October 2006. -- ADV at WCE in October 2007 was 19,444 contracts, an increase of 24% compared to October 2006. -- Average daily commissions for ICE's global OTC business were $952,374, a 12% increase over October 2006. -- Year-to-date, ADV at ICE Futures Europe and ICE Futures U.S. grew 50% and 22%, respectively, compared to the first ten months of 2006. Year- to-date average daily commissions for ICE's OTC markets increased 39% compared to the year-to-date period in 2006.
European Futures Volume and RPC
ICE Futures Europe reported record total volume in October 2007 of 13,449,030 contracts, up 30% from 10,367,903 contracts in October 2006. ADV rose 24% from 471,268 contracts in October 2006 to 584,740 contracts in October 2007. The ICE Brent Crude, WTI Crude and Gas Oil futures contracts each achieved record volume during the month.
The three-month rolling average rate per contract (RPC) for the period of August 2007 through October 2007 was $1.28. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix. RPC averaged $1.29 and $1.27 for the rolling three months ended September 2007 and August 2007, respectively.
On October 31, 2007, open interest for ICE Futures Europe was 1,860,331 contracts, compared to 1,416,470 contracts at December 31, 2006.
North American Futures Volume and RPC
Total futures and options volume at ICE Futures U.S. increased 39% to 4,462,453 contracts in October 2007, compared to volume of 3,208,233 contracts in October 2006. October 2007 ADV rose 33%, to 194,020 contracts, compared with 145,829 contracts in October 2006.
Electronic trading represented 85% of total ICE Futures U.S. agricultural commodity futures contracts traded in October 2007, compared to 79% in September. October 2007 ADV for electronically traded agricultural commodity futures was 108,596 contracts; total agricultural commodity futures ADV was 128,217 contracts.
The three-month rolling average RPC for the period of July 2007 through September 2007 was $2.07 for agricultural futures and options. RPC averaged $2.03 and $1.91 for the rolling three months ended August 2007 and July 2007, respectively. RPC for ICE Futures U.S. is reported one month in arrears.
October 2007 contract volume for ICE's Canadian futures business, WCE, reached an all-time record of 427,777 contracts, up 30% over October 2006. ADV for the month of October was 19,444 contracts, an increase of 24% over the prior year.
Global OTC Markets
In October 2007, ICE's average daily commissions represented the second highest month ever, reaching $952,374, an increase of 12% compared to $849,463 in October 2006. Average daily commissions reflect daily trading activity in ICE's OTC markets.
Additional October 2007 Highlights: -- On October 1, ICE closed on its purchase of 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. -- ICE Futures U.S. announced that it will begin offering foreign exchange futures electronically on the ICE trading platform on November 9, 2007. -- Platts, a division of the McGraw-Hill Companies, announced an agreement to integrate energy market data generated by trading in ICE's OTC markets into Platts forward curve data products. These forward-pricing products offer independent daily assessments of forward pricing in the energy markets. -- Trading days in October 2007: -- ICE Futures Europe: 23 -- ICE Futures U.S. Agricultural: 23 -- ICE Futures U.S. Currency and Index: 23 -- Winnipeg Commodity Exchange: 22 -- ICE OTC: 23 -- ICE Futures Europe product records achieved for the month: -- ICE Brent Crude futures had record volume of 5,575,013 contracts. -- ICE WTI Crude futures had record volume of 5,025,161 contracts. -- ICE Gas Oil futures had record volume of 2,580,691 contracts. -- ICE Futures U.S. product records achieved for the month: -- A monthly electronic volume record was set in Cotton futures with 390,663 contracts. -- The Coffee "C" options set a monthly volume record of 340,022 contracts. -- Open interest records were achieved in futures and options for both Coffee "C" and Cotton. -- WCE product records achieved for the month: -- Canola futures set a monthly volume record of 396,852 contracts. ICE Futures: October 2007 Average Daily Volume by Product ADV ADV ADV ADV October October % Change % Product Line 2007 2006 Electronic (8) ICE Brent Crude futures 242,392 209,471 15.7 n/a ICE WTI Crude futures 218,485 169,653 28.8 n/a ICE Gas Oil futures 112,204 84,390 33.0 n/a Other contracts (1) 11,659 7,754 50.4 n/a Total ICE Futures Europe 584,740 471,268 24.1 n/a Sugar No. 11 futures 68,055 49,805 36.6 88.7 Other agricultural commodity contracts (2) 116,994 85,163 37.4 80.2 Currency futures (3) 4,336 6,103 -29.0 n/a Index futures (4) 4,107 4,093 0.4 75.2 Other contracts (5) 527 665 -20.7 n/a Total ICE Futures U.S. 194,020 145,829 33.0 84.4 Total WCE (6) 19,444 15,655 24.2 100 TOTAL FUTURES CONTRACTS (7) 798,204 632,752 26.1 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 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 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) 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. (8) 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. ICE Futures: Rolling Three-Month Average Rate per Contract Three Months Three Months Three Months Product Line Ending Ending Ending October 2007 September 2007 August 2007 ICE Futures Europe $1.28 $1.29 $1.27 Three Months Three Months Three Months Ending Ending Ending September 2007 August 2007 July 2007 ICE Futures U.S. (1) $2.07 $2.03 $1.91 (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
IntercontinentalExchange(R) www.theice.com 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 .
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, June 30 and September 30, 2007, each as filed with the SEC on February 26, 2007, May 4, 2007, July 27, 2007 and October 26, 2007, respectively.
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