IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges and over-the-counter (OTC) markets, today reported growth in volume and commissions for the month of July. Futures average daily volume (ADV) in July 2008 was flat versus July 2007, and OTC commissions increased 50% over July 2007.
— July 2008 volume for all ICE Futures contracts totaled 17,123,427, a 5%
increase over 16,361,324 contracts in July 2007; ADV for all ICE
Futures contracts was 752,868.
— ADV at ICE Futures Europe was 540,552 contracts in July 2008, roughly
flat compared to July 2007.
— ICE Futures U.S. posted ADV of 204,216 in July 2008, up 2% from July
2007.
— ADV at ICE Futures Canada in July 2008 was 8,100 contracts, a 3%
decrease year-to-year.
— Average daily commissions for ICE’s global OTC business rose 50% to
$1.3 million in July 2008, exceeding $1 million for the seventh
consecutive month.
European Futures Volume and RPC
For July, ICE Futures Europe reported volume of 12,432,698 contracts, a 4% increase from 11,951,098 contracts in July 2007. ADV in July 2008 was 540,552 contracts compared to ADV of 543,232 in July 2007.
The three-month rolling average rate per contract (RPC) for the period ended July 2008 was $1.21. RPC averaged $1.21 for each of the three-month periods ended June 2008 and May 2008. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix.
On July 31, 2008, open interest for ICE Futures Europe was 1,893,075 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 7% to 4,512,524 contracts in July 2008, compared to 4,234,855 contracts in July 2007. July 2008 ADV rose 2%, to 204,216 contracts, compared with 201,084 contracts in July 2007.
The three-month rolling average RPC for the July 2008 was $2.22 for agricultural futures and options. RPC averaged $2.21 and $2.13 for the three-month periods ended June 2008 and May 2008, respectively.
On July 31, 2008, open interest for ICE Futures U.S. was 3,329,439 contracts, compared to 3,389,923 contracts at December 31, 2007.
ICE Futures Canada recorded July 2008 contract volume of 178,205 contracts, up 2% from July 2007. ADV was 8,100 contracts, a decrease of 3% from the prior July.
On July 31, 2008, open interest for ICE Futures Canada was 101,367 compared to 168,928 contracts on December 31, 2007.
Global OTC Markets
In July 2008, ICE’s average daily commissions were $1,252,180, an increase of 50% compared to $834,888 in July 2007. Average daily commissions reflect daily trading activity in ICE’s global OTC energy markets.
Additional July 2008 Information:
— On July 31, the Commodity Futures Trading Commission approved the
petition of ICE Clear Europe to operate in the United States as a
multilateral clearing organization (MCO). As an MCO, ICE Clear Europe
has the ability to clear U.S. over-the-counter derivatives.
— On August 1, Creditex, which is pending acquisition by ICE, announced
that its T-Zero platform for credit default swap affirmation and
novation consent processing offers complete compliance with industry
targets set by the Operation Management Group, with 17 major dealers,
buy-side representatives and major industry bodies participating.
— Trading days in July 2008:
— ICE Futures Europe: 23
— ICE Futures U.S. Agricultural: 22
— ICE Futures U.S. Currency and Index: 23
— ICE Futures Canada: 22
— ICE OTC: 22
— ICE Futures Europe product records achieved for the month of July:
— The ICE ECX CFI emissions futures contract achieved a monthly volume
record of 235,349 and record ADV of 10,233.
— The ICE Richards Bay and Rotterdam Coal futures contracts, as well
as the ICE-ECX CER futures and options contracts, also set monthly
and ADV records.
ICE Futures: July 2008 Average Daily Volume by Product
Product Line ADV ADV ADV
July 2008 July 2007 % Change
ICE Brent Crude futures 239,150 232,587 2.8
ICE WTI Crude futures 174,803 204,706 -14.6
ICE Gas Oil futures 105,210 92,205 14.1
Other contracts (1) 21,389 13,734 55.7
Total ICE Futures Europe 540,552 543,232 -0.5
Sugar No. 11 futures & options 115,306 99,252 16.2
Other agricultural commodity
contracts (2) 69,134 89,739 -23.0
Currency futures (3) 6,062 6,586 -8.0
Index futures (4) 12,893 4,760 170.8
Other contracts (5) 820 746 9.9
Total ICE Futures U.S. 204,216 201,084 1.6
Total ICE Futures Canada (6) 8,100 8,351 -3.0
TOTAL FUTURES CONTRACTS (7) 752,868 752,667 0.0
(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) The July 2007 ICE Futures Canada volume is included for comparison
purposes. ICE Futures Canada was acquired by ICE on August 27, 2007.
ICE Futures: Rolling Three-Month Average Rate per Contract
Product Line Three Months Three Months Three Months
Ending Ending Ending
July 2008 June 2008 May 2008
ICE Futures Europe $1.21 $1.21 $1.21
ICE Futures U.S. $2.22 $2.21 $2.13
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
