November 7, 2008
globalCOAL and ICE Futures Europe Announce Official Launch Date of gC ICE Newcastle Futures – 5th December 2008 –
ATLANTA, Nov. 7 /PRNewswire-FirstCall/ -- globalCOAL(R) and ICE Futures Europe(R) are delighted to confirm that the gC ICE Newcastle Futures contract will be introduced on the ICE platform on the 5th December 2008.
With the transition of ICE Futures Europe's open interest to ICE Clear Europe(TM) successfully accomplished, this definitive schedule will ensure that all systems are bedded in and will enable a smooth launch for the much anticipated Newcastle coal Futures contract.
globalCOAL Chief Executive Officer Eoghan Cunningham is upbeat about the prospects of gC ICE Coal Futures: "We've seen unprecedented volatility in the coal markets, and the credit crisis has taken its toll on the depth of credit available to market participants. These critical conditions have resulted in significant pent-up demand for a cleared coal price risk management product such as the gC ICE NEWC Futures contract. We expect a strong start right from launch."
ICE Futures Europe President David Peniket said, "The addition of the NEWC Futures contract will play a key role in complementing ICE's existing Rotterdam and Richard's Bay contracts and result in an unequalled global seaborne coal offering for market participants. In light of the rising popularity of ICE Futures Europe's coal contracts in recent months, reaching a record 34Mt traded in October, we see a bright future for exchange-listed coal derivatives."
globalCOAL and ICE Futures Europe are also planning the launch of a physically-settled coal Futures contract for delivery of thermal coal to the Amsterdam-Rotterdam-Antwerp (ARA) region. This contract is currently being developed and is expected to be introduced on the ICE in 2009.
About gC ICE NEWC Futures
The globalCOAL ICE Newcastle Futures contract will financially settle on the globalCOAL NEWC Index(TM) -- the leading price benchmark for seaborne thermal coal in the Asia-Pacific region. The contract will be traded directly on the ICE platform, as well as through the contingent Exchange of Futures for Swaps (contingent EFS), Exchange of Futures for Physical (EFP) and Block Trade mechanisms. One lot will equal 1,000 tonnes of coal, and the contract will be traded in clips of 5 lots.
globalCOAL was founded by leading members of the world coal industry to promote screen trading of standardised coal products. The company has developed the world's leading electronic marketplace for thermal coal, as well as a range of standardised coal quality specifications, a Standard Coal Trading Agreement (SCoTA(R)), and robust methodology for coal price index calculation. globalCOAL will be launching two new coal Futures contracts in cooperation with leading energy exchange ICE Futures Europe. For more information, please visit http://www.globalcoal.com/
IntercontinentalExchange(R) operates regulated global futures exchanges and over-the-counter (OTC) markets for agricultural, energy, equity index and currency contracts, as well as credit derivatives. ICE(R) offers these markets to participants around the world through its technology infrastructure and trading platform, together with clearing, market data and risk management services. ICE Futures Europe(R) is ICE's regulated energy futures exchange. ICE's regulated North American exchanges, ICE Futures U.S.(R) and ICE Futures Canada(TM), offer markets for agricultural and financial contracts. Creditex, a market leader in trade execution and processing for credit derivatives, is also a wholly-owned subsidiary of ICE. A member of the Russell 1000(R) and S&P 500 indices, ICE is headquartered in Atlanta, with offices in New York, London, Chicago, Winnipeg, Calgary, Houston and Singapore. http://www.theice.com/.
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, 2007, and ICE's Quarterly Report on Form 10-Q, as filed with the SEC on February 13, 2008, August 4, 2008 and October 30, 2008, respectively.
CONTACT: Kelly Loeffler, VP, Investor Relations & Corp. Comms,+1-770-857-4726, [email protected], or Sarah Stashak, Director,Investor & Public Relations, +1-770-857-0340, [email protected], bothof IntercontinentalExchange; or Eoghan Cunningham, Chief Executive Officer, M+ 44 207 776 5916, [email protected], Patrick Markey, ChiefOperating Officer, M + 65 6538 7386, [email protected], StephanieMercier, Marketing Manager, + 44 207 776 5908,[email protected], all of globalCOAL
Web site: http://www.theice.com/http://www.globalcoal.com/