IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges and over-the-counter (OTC) markets, today reported solid growth in volume and commissions for the month of June. Futures average daily volume (ADV) in June rose 15%, and OTC commissions increased 48% over June 2007. For the second quarter of 2008, ICE achieved its second-highest futures ADV and second-highest quarter of OTC commissions at $1.2 million.
— June 2008 ADV for all ICE Futures contracts reached 958,436 compared to
831,126 in June 2007. ADV for all ICE Futures contracts reached 897,971
in the second quarter of 2008.
— Year-to-date through June 30, 2008, ADV for ICE Futures Europe(TM), ICE
Futures U.S.(TM) and ICE Futures Canada(TM) has increased 16%, 43% and
14%, respectively, compared to the first six months of 2007. Average
daily commissions year-to-date are $1.2 million, an increase of 69%
over the same period in 2007.
— ADV at ICE Futures Europe was 617,990 contracts in June 2008, up 18%
over June 2007; an exchange-wide daily volume record of 982,151
contracts was set in June.
— ICE Futures U.S. posted ADV of 325,931 in June 2008, up 13% from June
2007, and new volume records were achieved in the mini Russell 2000(R)
Index futures contract.
— ADV at ICE Futures Canada in June 2008 was 14,515 contracts, a 14%
decrease year-to-year.
— Average daily commissions for ICE’s global OTC business rose to $1.17
million, a 48% increase over June 2007.
European Futures Volume and RPC
For June, ICE Futures Europe reported volume of 12,977,781 contracts, an 18% increase from 11,043,685 contracts in June 2007. ADV was 617,990 contracts, also up 18% from ADV of 525,890 the prior June. In the second quarter of 2008, ADV at ICE Futures Europe totaled 610,187 contracts, an increase of 19% over the second quarter of 2007.
The three-month rolling average rate per contract (RPC) for the second quarter of 2008 was $1.21. RPC averaged $1.21 and $1.24 for the three months ended May 2008 and April 2008, respectively. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix.
On June 30, 2008, open interest for ICE Futures Europe was 1,785,496 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 13% to 6,844,556 contracts in June 2008, compared to 6,057,750 contracts in June 2007. June 2008 ADV rose 13%, to 325,931 contracts, compared with 288,464 contracts in June 2007. In the second quarter of 2008, ADV at ICE Futures U.S. totaled 274,420 contracts, an increase of 13% over the prior second quarter.
The three-month rolling average RPC for the second quarter of 2008 was $2.21 for agricultural futures and options. RPC averaged $2.13 and $2.16 for the three months ended May 2008 and April 2008, respectively.
On June 30, 2008, open interest for ICE Futures U.S. was 3,195,447 contracts, compared to 3,389,923 contracts at December 31, 2007.
ICE Futures Canada recorded June 2008 contract volume of 304,815 contracts, down 14% from June 2007. ADV was 14,515 contracts, a decrease of 14% from the prior June. In the second quarter of 2008, ADV at ICE Futures Canada totaled 13,633 contracts, a decrease of 11% over the prior second quarter.
On June 27, 2008, open interest for ICE Futures Canada was 117,375 compared to 168,928 contracts on December 31, 2007. Open interest for ICE Futures Canada is listed as of June 27 due to a July 1 Canadian holiday.
Global OTC Markets
In June 2008, ICE’s average daily commissions were $1,169,684, an increase of 48% compared to $791,590 in June 2007. In the second quarter of 2008, average daily commissions totaled $1,211,492, an increase of 69% over the prior second quarter. Average daily commissions reflect daily trading activity in ICE’s global OTC energy markets.
Additional June 2008 Information and Guidance Update:
— On June 3, ICE announced that it has entered into a definitive merger
agreement to acquire Creditex Group Inc., a market leader in the
execution and processing of credit default swaps in the U.S., Europe
and Asia. The transaction is expected to close in the third quarter of
2008.
— ICE has increased its 2008 non-cash compensation expense guidance to
the range of $36 million to $38 million based upon 2008 performance,
which is expected to exceed certain targets. Non-cash compensation
expense for the second quarter 2008 is expected to be approximately $10
million, including a cumulative year-to-date performance adjustment of
approximately $2 million. Non-cash compensation expense guidance will
continue to be provided quarterly to reflect updated business
performance relative to targets.
— Trading days in June 2008:
* ICE Futures Europe: 21
* ICE Futures U.S. Agricultural: 21
* ICE Futures U.S. Currency and Index: 21
* ICE Futures Canada: 21
* ICE OTC: 21
— ICE Futures Europe product records achieved for the month of June:
* An exchange-wide daily volume record of 982,151 contracts was
achieved on June 6.
* Emissions futures achieved a monthly volume record of 187,413 and
record ADV of 8,924.
* The ICE Richards Bay and Rotterdam Coal futures contracts, as well as
the ICE-ECX CER Emissions futures and options contracts, also set
monthly and ADV records.
— ICE Futures U.S. product records achieved for the month:
* The mini Russell 2000 Index futures contract set a monthly record of
205,699 contracts, including a daily record of 20,827 contracts on
June 19.
* Open interest records were established in both the mini Russell
1000(R) and mini Russell 2000 Index futures contracts.
* A daily volume record of 85,511 was set in the ICE Coffee "C" futures
contract on June 16.
ICE Futures: June 2008 Average Daily Volume by Product
ADV ADV
June June ADV
Product Line 2008 2007 % Change
ICE Brent Crude futures 276,591 233,938 18.2
ICE WTI Crude futures 216,669 192,349 12.6
ICE Gas Oil futures 105,361 87,309 20.7
Other contracts (1) 19,369 12,294 57.5
Total ICE Futures Europe 617,990 525,890 17.5
Sugar No. 11 futures & options 178,956 152,296 17.5
Other agricultural commodity
contracts (2) 114,733 114,865 -0.1
Currency futures (3) 10,437 13,030 -19.9
Index futures (4) 21,083 7,808 170.0
Other contracts (5) 722 466 54.8
Total ICE Futures U.S. 325,931 288,464 13.0
Total ICE Futures Canada (6) 14,515 16,772 -13.5
TOTAL FUTURES CONTRACTS (7) 958,436 831,126 15.3
(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.
(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
June 2008 May 2008 April 2008
ICE Futures Europe $1.21 $1.21 $1.24
ICE Futures U.S. $2.21 $2.13 $2.16
Monthly RPC and OTC commissions 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
