IntercontinentalExchange(R) (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported June and second quarter 2009 futures volume and OTC commissions. ICE(R) operates three regulated futures exchanges: ICE Futures Europe(R), ICE Futures U.S.(R) and ICE Futures Canada(R), in addition to global OTC markets for energy and credit derivatives.
— Across ICE’s three futures exchanges, June average daily volume
(ADV) was a record 1,088,525 contracts, an increase of 14% from June
2008. In the second quarter of 2009, ADV for ICE futures contracts was a
record 1,026,900, 14% higher than the same period in 2008.
— At ICE Futures Europe, June ADV increased 2% year-over-year, to 628,829
contracts. For the second quarter of 2009, ADV was 606,289 contracts,
roughly flat compared to the second quarter of 2008.
— At ICE Futures U.S., ADV was a record 444,457 contracts in June, an
increase of 36% from June 2008. In the second quarter, ADV was 404,686,
an increase of 47% from the same period in 2008.
— Year-to-date through June 30, 2009, ADV for contracts at ICE’s
three futures exchanges was 1,016,149, 7% higher than the first half of
2008. ADV for ICE Futures Europe and ICE Futures U.S. increased 1% and
18%, respectively, compared to the first half of 2008.
— Average daily commissions for ICE’s OTC energy business were $1.1
million in the second quarter of 2009, a decrease of 8% over the same
period in 2008.
— Revenues from ICE’s OTC credit default swaps (CDS) execution,
processing and clearing were $44 million during the second quarter of
2009, up 16% over the first quarter of 2009.
— ICE Trust(TM) has cleared $1.3 trillion notional in CDS indexes since
the clearing house launched in March 2009. ICE Trust is ICE’s
clearing house for North American CDS markets.
European Futures Volume and RPC
ICE Futures Europe is ICE’s London-based energy futures exchange. For the month of June, ICE Futures Europe reported monthly volume of 13.8 million contracts, an increase of 7% from 13.0 million contracts in June 2008. ADV in June 2009 was 628,829 contracts, up 2% from 617,990 the previous June. In the second quarter of 2009, ADV at ICE Futures Europe was 606,289 contracts, compared to 610,187 contracts in the second quarter of 2008.
Rate per contract (RPC) for the second quarter of 2009 was $1.61. RPC averaged $1.61 for each of the three-month periods ended May and April. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix.
Open interest for ICE Futures Europe was 2,641,296 contracts as of June 30, 2009, compared to 2,102,574 contracts on December 31, 2008.
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. was a record 9.8 million contracts in June, 43% higher than 6.8 million contracts in June 2008. ADV was 444,457 contracts, up 36% from 325,931 in June 2008. For the second quarter of 2009, ADV was 404,686 contracts, an increase of 47% from 274,420 in the second quarter of 2008.
RPC for ICE Futures U.S. agricultural futures and options was $2.16 for the second quarter of 2009. RPC averaged $2.23 and $2.33 for the three months ended May and April, respectively. RPC for ICE Futures U.S. financial futures and options contracts averaged $0.84 for the second quarter of 2009, compared to average RPC of $0.77 for each of the three-month periods ended May and April.
On June 30, 2009, open interest for ICE Futures U.S. was 2,712,195 contracts, compared to 3,028,877 contracts on December 31, 2008.
ICE Futures Canada recorded June 2009 volume of 335,265 contracts, up 10% from 304,815 in June 2008. ADV was 15,239 contracts, 5% higher than June 2008. Second quarter ADV for ICE Futures Canada was 15,925 contracts, compared to 13,633 in the second quarter of 2008. Open interest for ICE Futures Canada was 106,378 as of June 29, 2009, compared to 97,673 contracts on December 31, 2008.
In the second quarter of 2009, ADV at ICE Futures U.S. and Canada combined was 420,611 contracts, an increase of 46% from the second quarter of 2008.
ICE Futures: Rolling Three-Month Average Rate per Contract
Three Months Three Months Three Months
Ending Ending Ending
Product Line June 2009 May 2009 April 2009
ICE Futures Europe $1.61 $1.61 $1.61
ICE Futures U.S. Ag $2.16 $2.23 $2.33
ICE Futures U.S. Fin $0.84 $0.77 $0.77
Global OTC Energy
In ICE’s OTC energy markets, average daily commissions (ADC) were $1.1 million in the second quarter of 2009, a decrease of 8% from $1.2 million in the second quarter of 2008. Sequentially, ADC increased 4% from the first quarter of 2009. ADC reflects daily trading and clearing activity in ICE’s global OTC energy markets.
Global OTC Credit
ICE’s subsidiary, Creditex, offers CDS trade execution and processing services. ICE Trust offers clearing services for North American CDS. In the second quarter of 2009, ICE’s total CDS trade execution, processing and clearing revenues were $44 million, up 9% from the second quarter of 2008 on a pro-forma basis. ICE acquired Creditex in August 2008. ICE Trust began operations in March 2009 following the acquisition of The Clearing Corporation (TCC) and remains the only clearing house to clear CDS globally. ICE Clear Europe is preparing to launch clearing for European CDS this summer.
Financial Guidance Update:
— Revenues for TCC and ICE Trust, including CDS clearing revenue, for the
second quarter of 2009 were in line with prior guidance of approximately
$7 million to $9 million.
— In April 2009, ICE restructured its credit facilities as reported on
Form 8-K. Costs incurred in relation to new debt arrangements are
typically amortized over the life of the arrangement. As a result, ICE
expects to record incremental non-cash interest expense related to its
new credit facilities over the next three years, including approximately
$1.5 million per quarter in the second quarter through fourth quarter of
Additional June 2009 Information:
— ICE Trust surpassed $1 trillion in notional value of cleared CDS during
the week ending June 12. The same week, ICE Trust also established a
weekly clearing record of $247 billion in notional value.
— Trading days in June 2009:
— ICE Futures Europe: 22
— ICE Futures U.S. (Agricultural and Financial): 22
— ICE Futures Canada: 22
— ICE Futures Europe product records achieved in June 2009:
— In June, the exchange set an open interest record of 2,715,850
contracts, including record open interest for Brent Crude, gasoil
and U.K. natural gas, as well as several coal and emissions
— Gasoil futures achieved record monthly volume of 3,216,593 contracts
and record ADV of 146,209 contracts.
— ICE Futures U.S. product records achieved in June 2009:
— The exchange established record monthly volume of 9,778,054
contracts. The prior monthly record of 9,571,269 contracts was
established in October 2008.
ICE Futures: June 2009 Average Daily Volume by Product
Product Line ADV ADV ADV
June June % Change
ICE Brent Crude futures 277,700 276,591 0.4
ICE WTI Crude futures 167,286 216,669 -22.8
ICE Gas Oil futures 146,209 105,361 38.8
Other contracts (1) 37,634 19,369 94.3
Total ICE Futures Europe 628,829 617,990 1.8
Russell 2000(R) mini futures
& options 177,121 9,995 1672.1
Sugar No. 11 futures &
options 179,126 178,956 0.1
commodity contracts (2) 68,290 114,733 -40.5
Currency futures (3) 5,247 10,437 -49.7
Index futures (4) 14,360 11,288 27.2
Other contracts (5) 313 522 -40.2
Total ICE Futures U.S. 444,457 325,931 36.4
Total ICE Futures Canada
(6) 15,239 14,515 5.0
—— —— —
TOTAL FUTURES CONTRACTS 1,088,525 958,436 14%
(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 EUA futures; ICE ECX CER futures; ICE UK Electricity futures; ICE Coal futures; ICE Brent options; ICE WTI options, ICE Gas Oil options; ICE ECX EUA options and ICE ECX CER options. The ICE ECX EUA futures and options contracts and the ICE ECX 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 EUA 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, Sugar No. 14 and Sugar No. 16.
(3) "Currency futures" include futures for foreign exchange products and ICE Millions contracts.
(4) "Index futures" include futures for the U.S. Dollar Index(R), Russell 2000 (full size), Russell 1000(R), Russell 1000 mini, the Continuous Commodity Index, the Euro Index, and the NYSE Composite. The transition of the Russell Index futures and options contracts to exclusive trading on ICE occurred in September 2008.
(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 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