ATLANTA, Oct. 4 /PRNewswire-FirstCall/ -- IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported strong futures volume and OTC average daily commissions (ADC) for the third quarter of 2010, including record futures volume and average daily volume (ADV) for the month of September 2010.
(Logo: http://photos.prnewswire.com/prnh/20090727/CL51999LOGO )
(Logo: http://www.newscom.com/cgi-bin/prnh/20090727/CL51999LOGO )
Global Futures Exchanges
ICE operates four regulated futures exchanges: ICE Futures Europe, ICE Futures U.S., ICE Futures Canada and the Chicago Climate Futures Exchange (CCFE).
-- September ADV across all ICE futures exchanges was a record 1,483,540
contracts, up 27% from September 2009. ADV at ICE Futures U.S. grew 12%
from the previous September to a record 508,290 contracts. ADV at ICE
Futures Europe increased 36% to 955,277 contracts, and ADV at ICE
Futures Canada increased 31% to 18,513 contracts. Monthly total futures
volume surpassed 30 million contracts for the first time, with volume at
ICE Futures Europe crossing 20 million contracts for the first time.
-- Third quarter 2010 ADV for all ICE futures contracts was 1,275,971
contracts, an increase of 20% from the third quarter of 2009. ADV at ICE
Futures Europe grew 24% to 836,396 contracts and ICE Futures U.S. grew
13% to 424,274 contracts.
-- ADV for the nine months of 2010 for all ICE futures contracts was
1,320,687 contracts, up 28% over the same period of 2009.
Energy and Credit OTC Transaction Revenues
-- Third quarter 2010 ADC for ICE's OTC energy business were $1.36 million,
up 9% from the third quarter of 2009.
-- Third quarter revenues from ICE's credit default swap (CDS) trade
execution, processing and clearing operations totaled $42 million,
compared to $43 million in the third quarter of 2009. Third quarter CDS
clearing revenues were approximately $18 million compared to $13 million
in the third quarter of 2009.
Operating and Financial Guidance Update
-- Based on reduced revenue levels at Creditex, coupled with increased
operational efficiencies, ICE now expects its third and fourth quarter
compensation expense to be roughly $3 million to $4 million per quarter
below prior guidance.
-- As previously stated, ICE anticipates a $5 million charge associated
with staff reductions following the acquisition of Climate Exchange.
These charges will be excluded from adjusted earnings. Also as
previously stated, ICE anticipates acquisition-related transaction costs
relating to the Climate Exchange acquisition of $7 million in the third
quarter of 2010, which will also be excluded from adjusted earnings.
-- For the third quarter of 2010, ICE anticipates share count in the range
of 74.0 to 74.6 million fully diluted shares as a result of the
company’s repurchase of around $90 million, or approximately 937,000
shares, of its outstanding common stock during the quarter.
September 2010 Review
-- ICE Futures Europe records achieved in September:
o The exchange established monthly volume and open interest records of
20,060,814 and 3,552,366 contracts, respectively.
o The ICE Gasoil futures contract established a monthly ADV record of
242,296 contracts.
o The exchange also established open interest records for gasoil
futures, emissions futures and options, and WTI options.
-- ICE Link launched Novation Consent = Confirmation (C=C) for the credit
default swap (CDS) markets in advance of the commitment date to
regulators.
-- Buy-side CDS clearing at ICE Trust crossed $3 billion in gross notional
value.
-- ICE Trust and ICE Clear Europe reached $12 trillion in gross notional
value in CDS clearing. ICE Clear Europe also announced that UniCredit
Bank AG became its 15th CDS clearing member.
-- Through September 24, ICE's CDS clearing houses have cleared $12.1
trillion in gross notional value on a cumulative basis across 308,297
transactions. ICE currently lists 258 CDS contracts for clearing.
o ICE Trust U.S. (ICE Trust) has cleared $7.4 trillion of gross notional
value since inception, including $467 billion in single-name CDS,
resulting in open interest of $497 billion. ICE Trust offers clearing
for 38 indexes and 89 single-name instruments.
o ICE Clear Europe has cleared euro 3.5 trillion ($4.7 trillion) of
gross notional value since inception, including euro 541 billion ($710
billion) in single-name CDS, resulting in euro 441 billion ($601
billion) of open interest. ICE Clear Europe offers clearing for 30
indexes and 101 single-name instruments.
-- Trading days in September 2010:
o ICE Futures Europe: 21
o ICE Futures U.S.: 21
o ICE Futures Canada: 21
o Chicago Climate Futures Exchange: 21
ICE Futures Contracts & Markets Monthly ADV
ADV ADV
September September ADV
Product Line 2010 2009 % Change
ICE Brent Crude futures & options 421,151 313,989 34.1
ICE Gasoil futures & options 243,493 157,823 54.3
ICE WTI Crude futures & options 252,668 192,350 31.4
ICE ECX emissions futures & options 21,611 20,689 4.5
Other futures contracts (1) 16,354 17,119 -4.5
TOTAL ICE FUTURES EUROPE 955,277 701,970 36.1
Index futures & options (2) 188,920 198,313 -4.7
Sugar No. 11 futures & options 200,418 185,392 8.1
Other agricultural commodity contracts (3) 84,622 49,284 71.7
Currency futures and options contracts (4) 34,330 19,375 77.2
TOTAL ICE FUTURES U.S. 508,290 452,364 12.4
TOTAL ICE FUTURES CANADA & CCFE(5) 19,973 14,097 41.7
TOTAL FUTURES CONTRACTS 1,483,540 1,168,431 27.0%
(1) "Other futures contracts" include ICE Middle East Sour Crude futures;ICE
ASCI Gulf Coast Sour Crude futures; ICE Heating Oil futures; ICE Unleaded
Gasoline Blendstock (RBOB) futures; ICE UK Natural Gas futures; ICE UK
Electricity futures; ICE Coal futures; and ICE Dutch TTF Gas futures.
(2) "Index futures & options" includes Russell 2000® mini futures and
options and futures for the Russell 1000® mini, the Continuous Commodity
Index, the Euro Index and the NYSE Composite.
(3) "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.
(4) "Currency futures and options" include futures and options for the U.S.
Dollar Index and foreign exchange.
(5) ICE acquired Chicago Climate Futures Exchange (CCFE) on July 8, 2010.
Prior-year amounts do not include CCFE volume and percentage change does not
include CCFE prior-year volume.
ICE Futures Third Quarter 2010 and Year-to-Date ADV
3Q2010 3Q2009 Percent Change
ICE Futures Europe 836,396 676,020 23.7
ICE Futures U.S. 424,274 375,772 12.9
ICE Futures Canada & CCFE 15,301 10,637 43.9
Total Futures ADV 1,275,971 1,062,429 20.1
9-mos 2010 9-mos 2009 Percent Change
ICE Futures Europe 866,612 640,291 35.3
ICE Futures U.S. 436,425 377,623 15.6
ICE Futures Canada & CCFE 17,650 13,823 27.7
Total Futures ADV 1,320,687 1,031,737 28.0
ICE Futures Monthly, Quarterly and Year-to-Date Volume
September 2010 September 2009 Percent Change
ICE Futures Europe 20,060,814 14,741,368 36.1
ICE Futures U.S. 10,674,094 9,499,650 12.4
ICE Futures Canada &CCFE 419,440 296,040 41.7
Total Futures Volume 31,154,348 24,537,058 27.0
3Q2010 3Q2009 Percent Change
ICE Futures Europe 53,529,368 43,265,279 23.7
ICE Futures U.S. 27,153,563 24,049,436 12.9
ICE Futures Canada & CCFE 965,128 670,161 44.0
Total Futures Volume 81,648,059 67,984,876 20.1
9-mos 2010 9-mos 2009 Percent Change
ICE Futures Europe 162,923,086 121,655,236 33.9
ICE Futures U.S. 82,047,966 70,993,093 15.6
ICE Futures Canada & CCFE 3,321,871 2,598,777 27.8
Total Futures Volume 248,292,923 195,247,106 27.2
ICE Futures Open Interest
September 30, 2010 December 31, 2009
ICE Futures Europe 3,552,366 2,647,694
ICE Futures U.S. 2,955,927 3,375,176
ICE Futures Canada & CCFE 343,400 118,181
Prior-year amounts do not include CCFE volume and percentage change does not include CCFE prior-year volume.
Rolling Three-Month Average Rate per Contract (RPC)
Three Months Three Months Three Months
Ending Ending Ending
Product Line September 2010 August 2010 July 2010
ICE Futures Europe $1.54 $1.52 $1.51
ICE Futures U.S. Ag $2.13 $2.18 $2.18
ICE Futures U.S. Fin $0.73 $0.73 $0.71
ICE OTC Transaction & Clearing Revenues
3Q2010 2Q2010 1Q2010
OTC Energy ADC $1.36 million $1.43 million $1.37 million
CDS Execution & Clearing $42 million $43 million $43 million
RPC is calculated by dividing transaction revenues by contract volume, and may vary based on pricing, customer and product mix.
Historical futures volume, rate per contract and OTC commission data can be found at:
http://ir.theice.com/supplemental.cfm
About IntercontinentalExchange
IntercontinentalExchange® (NYSE: ICE) is a leading operator of regulated futures exchanges and over-the-counter markets for agricultural, credit, currency, emissions, energy and equity index contracts. ICE Futures Europe® hosts trade in half of the world's crude and refined oil futures. ICE Futures U.S.® and ICE Futures Canada® list agricultural, currencies and Russell Index markets. ICE® is also a leading operator of central clearing services for the futures and over-the-counter markets, with five regulated clearing houses across North America and Europe. ICE serves customers in more than 55 countries. www.theice.com
The following are trademarks of IntercontinentalExchange, Inc. and/or its affiliated companies: IntercontinentalExchange, IntercontinentalExchange & Design, ICE, ICE and block design, ICE Futures Canada, ICE Futures Europe, ICE Futures U.S., ICE Trust, ICE Clear Europe, U.S. Dollar Index, European Climate Exchange (ECX) and Chicago Climate Futures Exchange (CCFE). All other trademarks are the property of their respective owners. For more information regarding registered trademarks owned by IntercontinentalExchange, Inc. and/or its affiliated companies, see https://www.theice.com/terms.jhtml
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2009, as filed with the SEC on February 10, 2010.
ICE-CORP
SOURCE IntercontinentalExchange