IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, announced today it will launch two new cash-settled foreign exchange futures contracts on ICE Futures U.S. for the trade date of Monday, January 28, 2013. The new contracts are:
|
Currency Pair |
Exchange Symbol |
Contract Size |
|
Indian rupee / U.S. dollar |
KIU |
2,000,000 rupee |
|
Brazil real / U.S. dollar |
KBX |
100,000 real |
“The addition of the Indian rupee and Brazilian real futures contracts recognizes the significant and increasing commercial importance of these nations,” said ICE Futures U.S. Vice President Ray McKenzie. “In particular, interest in emerging market non-deliverable forward currencies from a range of market participants, including CTAs and funds, has been growing in recent years.”
The Indian rupee futures contract offered by ICE is the first U.S. exchange futures contract on this currency.
“As the first U.S. exchange to list a rupee contract, we are offering customers the ease of doing business in a regulated futures environment for execution and clearing,” added McKenzie.
ICE offers more than 60 FX futures contracts, including the industry benchmark ICE U.S. Dollar Index®, the most widely recognized benchmark for the value of the U.S. Dollar. The new contracts further enhance the suite of currency products ICE offers to market participants, providing additional tools for currency risk management and capital efficient position margining.
The contracts will be listed on the ICE platform, which features sub-millisecond execution speeds, and are eligible for the waiver of exchange and clearing fees for electronically-executed currency pair futures which extends into 2013. The contracts also are available for exchange-for-physical (EFP) transactions and block trading. There are no EFP surcharges beyond the standard exchange and clearing fees of $0.30 per contract side for emerging market currencies.
