IntercontinentalExchange, Inc. (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced that on 15 March 2010, ICE Futures Europe will launch a new natural gas futures contract based on the Title Transfer Facility (TTF) in the Netherlands. The Dutch TTF Natural Gas futures contract will trade alongside ICE’s U.K. NBP Natural Gas futures contract, bringing together two of the most liquid European gas hubs on a single, globally distributed platform for the first time. The ICE NBP Natural Gas futures contract is the leading benchmark for U.K. natural gas, with record volume in excess of 2.7 million contracts in 2009.
David Peniket, president and coo of ICE Futures Europe, said: "TTF in the Netherlands has emerged as a leading continental natural gas hub over the past two years. As the leading energy derivatives exchange in Europe, ICE aims to bring new liquidity to this important marketplace by providing buyers and sellers of natural gas more effective and efficient tools to manage their price risk."
The ICE TTF Natural Gas futures contract will consist of a series of twelve consecutive months, six quarters, eight seasons and four years settled by way of physical delivery through the transfer of rights at TTF, and priced in Euros and Euro cents per Megawatt hour. Margin offsets will be available against ICE NBP Natural Gas futures.
