Record Monthly Volume at ICE Futures Europe and ICE Futures U.S.
IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges and over-the- counter (OTC) markets, today reported record volume of 24,384,619 across its futures exchanges for the month of October 2008, an increase of 33% over October 2007. 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 1,060,812 for the month, an increase of 33% from 798,204 contracts in October 2007.
Year-to-date through October 31, 2008, ADV for ICE Futures contracts increased 21% to 933,773, compared to the same period in 2007. ADV for ICE Futures Europe, ICE Futures U.S. and ICE Futures Canada increased 11%, 47% and 3%, respectively, compared to the first ten months of 2007.
European Futures Volume and RPC
ICE Futures Europe is ICE’s London-based energy futures exchange. In October, ICE Futures Europe reported record monthly volume of 14,503,964 contracts, an 8% increase from 13,449,030 contracts in October 2007. ADV was 630,607, up 8% from ADV of 584,740 the prior October. Both the ICE Brent Crude and ICE Gas Oil futures contracts had the second highest monthly volume in exchange history.
The three-month rolling average rate per contract (RPC) for October 2008 was $1.22. RPC averaged $1.22 for each of the three-month periods ended September and August 2008. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix.
On October 31, 2008, open interest for ICE Futures Europe was 2,085,467 contracts, compared to 1,641,399 contracts at December 31, 2007
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. more than doubled to 9,571,269 contracts in October 2008, a 115% increase over 4,462,453 contracts in October 2007. October 2008 ADV also rose 115%, to 416,142 contracts, compared with 194,020 contracts in October 2007.
The three-month rolling average RPC for October 2008 was $2.24 for agricultural futures and options. RPC averaged $2.22 and $2.23 for the three months ended September 2008 and August 2008, respectively. RPC for ICE Futures U.S. financial futures and options contracts averaged $1.01 for the three months ended October 2008 and $1.18 for the three-months ended September 2008.
On October 31, 2008, open interest for ICE Futures U.S. was 3,509,805 contracts, compared to 3,389,923 contracts at December 31, 2007.
ICE Futures Canada recorded October 2008 volume of 309,386 contracts, down 28% from October 2007. ADV was 14,063, a decrease of 28% from the prior October. Open interest for ICE Futures Canada was 97,554 on October 31, 2008, compared to 168,928 contracts on December 31, 2007.
ICE Futures: Rolling Three-Month Average Rate per Contract
Three Months Three Months Three Months
Product Line Ending Ending Ending
October 2008 September 2008 August 2008
ICE Futures Europe $1.22 $1.22 $1.22
ICE Futures U.S. Ag $2.24 $2.22 $2.23
ICE Futures U.S. Fin $1.01 $1.18 n/a
Additional October 2008 Information:
— On Monday, November 3, 2008, ICE completed the transition of all ICE Futures Europe and ICE OTC trading positions from LCH.Clearnet to ICE Clear Europe(TM).
— On October 30, ICE announced that, together with nine of the major global investment banks who are active dealers in the Credit Default Swaps (CDS) markets, ICE and The Clearing Corporation (TCC) have entered into memorandums of understanding to develop a joint global clearing solution for CDS. Under the terms of the new agreements, ICE will acquire TCC.
— On October 7, ICE announced ICE Millions, a suite of million-currency- unit foreign exchange (FX) futures contracts that will bring additional transactional efficiencies and risk management tools to the FX marketplace. ICE Millions will launch on November 6.
— Trading days in October 2008:
— ICE Futures Europe: 23
— ICE Futures U.S. Agricultural: 23
— ICE Futures U.S. Currency and Index: 23
— ICE Futures Canada: 22
— ICE Futures Europe product records achieved for October 2008:
— During October, ICE Futures Europe recorded its highest monthly volume in exchange history with 14,503,964 contracts traded.
— The ICE Brent Crude futures and ICE Gas Oil futures contracts had their second-highest monthly volume of 6,428,610 and 2,867,677, respectively.
— The ICE ECX CFI emissions futures contract achieved a monthly volume record of 324,942 and record ADV of 14,128.
— ICE Futures U.S. product records achieved for the month:
— During October, total monthly contract volume at ICE Futures U.S. reached a record 9,571,269.
— The exchange also set a monthly volume record of 5,089,420 in the mini Russell 2000(R) futures, as well as monthly volume records in the Russell 2000 full-size contract and the Russell 1000(R) options contract.
ICE Futures: October 2008 Average Daily Volume by Product
ADV ADV ADV
October October % Change
Product Line 2008 2007
ICE Brent Crude futures 279,505 242,392 15.3
ICE WTI Crude futures 196,448 218,485 -10.1
ICE Gas Oil futures 124,682 112,204 11.1
Other contracts (1) 29,972 11,659 157.1
Total ICE Futures Europe 630,607 584,740 7.8
Russell 2000 mini futures
& options 222,673 723 30,707.7
Sugar No. 11 futures & options 103,685 95,990 8.0
Other agricultural commodity
contracts (2) 75,190 89,059 -15.6
Currency futures (3) 4,523 4,336 4.3
Index futures (4) 7,674 3,384 126.8
Other contracts (5) 2,397 527 354.6
Total ICE Futures U.S. 416,142 194,020 114.5
Total ICE Futures Canada (6) 14,063 19,444 -27.6
TOTAL FUTURES CONTRACTS 1,060,812 798,204 32.9
(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
(3) “Currency futures” include futures for foreign exchange products.
(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.
(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, Feed
Wheat and Western Barley.
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