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ICE Reports Record First Quarter Futures Volume, ADV and OTC Commissions; $7 Trillion Cleared in CDS

April 5, 2010

ATLANTA, April 5 /PRNewswire-FirstCall/ — IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported record futures volume and average daily volume (ADV) for the first quarter of 2010. Futures ADV increased 28% in the first quarter of 2010, including year-over-year growth of 24% for the month of March 2010. ICE also achieved record average daily commissions (ADC) of $1.37 million in its OTC energy business during the first quarter of 2010, an increase of 27% from the prior first quarter.

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Global Futures Exchanges

ICE operates three regulated futures exchanges: ICE Futures Europe, ICE Futures U.S. and ICE Futures Canada.

  • March 2010 volume across all three ICE futures exchanges increased 30% from March 2009, to a record 29,594,776 contracts, with ICE Futures Europe and ICE Futures U.S. establishing monthly volume records of 19,311,987 and 9,994,181 contracts, respectively. ADV at ICE Futures Europe increased 34% to 839,652 contracts. ADV at ICE Futures U.S. was 434,530 contracts, an increase of 10% over March 2009.
  • First quarter 2010 ADV for all ICE futures contracts grew 28% from the prior first quarter to a record 1,289,160 contracts. ICE Futures Europe and ICE Futures U.S. established new quarterly ADV records of 847,540 and 427,281 contracts, respectively. Volume across the exchanges increased 26% to a record 78,653,035 contracts.

Energy and Credit OTC Transaction Revenues

  • First quarter 2010 ADC for ICE’s OTC energy business were a record $1.37 million, up 27% from the first quarter of 2009.
  • Revenues from ICE’s credit default swap (CDS) trade execution, processing and clearing totaled $41 million, up 9% from the first quarter of 2009 and 5% from the fourth quarter of 2009, including $10 million from CDS clearing.

Operating and Financial Guidance Update

  • On March 31, ICE entered into new aggregate $725 million three-year senior unsecured revolving credit facilities (the “New Credit Facilities”) pursuant to a Credit Agreement with Wells Fargo Bank, National Association, as Administrative Agent, Bank of America, N.A., as Syndication Agent, and the lenders named therein. ICE continues to reserve $303 million of the $725 million for ICE’s clearing houses and the remainder is available for general corporate purposes. In connection with entering the New Credit Facilities, ICE terminated a $300 million revolving credit facility that was scheduled to expire on April 9, 2010 and a $100 million revolving credit facility that was scheduled to expire on April 9, 2012. ICE does not expect the New Credit Facilities to have a material impact on its annual interest expense and reiterates its guidance of $20 million to $25 million for 2010.

March 2010 Review

  • ICE Futures Europe records achieved in March:
    • The ICE Brent Crude futures contract established a monthly volume record of 9,278,614 contracts.
    • The ICE Gasoil futures contract established monthly volume and ADV records of 5,096,457 and 221,585 contracts, respectively.
    • Volume and open interest records were also established for emissions and coal futures contracts.
  • ICE Futures U.S. records achieved in March:
    • The ICE U.S. Dollar Index (USDX) established a monthly ADV record of 30,759 contracts. First quarter 2010 ADV and open interest in the USDX increased 295% and 97%, respectively, over the prior first quarter.
    • The USDX also set a daily volume record of 77,811 contracts on March 12.
  • Through March 29, ICE’s CDS clearing houses cleared $7.0 trillion in gross notional value on more than 120,000 transactions. ICE now offers CDS clearing for 61 indexes and 126 single name instruments across the U.S. and Europe.
    • ICE Trust U.S. (ICE Trust) cleared $4.6 trillion of gross notional value, including $73 billion in single-name CDS, resulting in open interest of $312 billion.
    • ICE Clear Europe cleared euro 1.7 trillion ($2.4 trillion) of gross notional value, including euro 138 billion in single-name CDS, resulting in euro 198 billion ($267 billion) of open interest.
  • On March 9, ICE marked the first anniversary of ICE Trust and announced the next set of initiatives for CDS clearing.
  • On March 10, ICE Futures U.S. announced that the Russell 1000® Growth and Russell 1000® Value Index futures contracts will begin trading on May 3, 2010.
  • On March 15, USDX options on futures began trading on the ICE electronic platform. USDX options continue to be offered on the ICE Futures U.S. options trading floor.
  • Trading days in March 2010:
    • ICE Futures Europe: 23
    • ICE Futures U.S.: 23
    • ICE Futures Canada: 23

               ICE Futures Contracts & Markets Monthly ADV

             Product Line               ADV      ADV         ADV
                                       March    March     % Change
                                        2010     2009
    ICE Brent Crude futures &
     options                         403,511   282,039        43.1
    ICE Gasoil futures & options     222,482   129,971        71.2
    ICE WTI Crude futures &
     options                         172,862   177,567        -2.6
    ICE ECX emissions futures &
     options (1)                      20,715    24,531       -15.6
    Other futures contracts (2)       20,082    13,706        46.5
    TOTAL ICE FUTURES EUROPE         839,652   627,814        33.7
    Russell 2000(R) mini futures &
     options                         163,343   217,422       -24.9
    Sugar No. 11 futures & options   167,309   108,345        54.4
    Other agricultural commodity
     contracts (3)                    64,648    52,008        24.3
    Currency futures (4)              36,762    13,949       163.5
    Index futures (5)                  2,401     3,760       -36.1
    Other contracts (6)                   67       412       -83.8
    TOTAL ICE FUTURES U.S.           434,530   395,896         9.8
    TOTAL ICE FUTURES CANADA          12,548    12,998        -3.5
                                      ------    ------        ----
    TOTAL FUTURES CONTRACTS        1,286,730 1,036,708        24.1%

    (1) ICE ECX EUA and ICE ECX CER futures and options contracts are the
        result of a cooperative relationship between ICE Futures Europe and
        the European Climate Exchange. ICE Futures Europe shares in the
        transaction fee revenue derived from these contracts.
    (2) "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; and ICE Coal futures.
    (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" include futures for the U.S. Dollar Index and
        foreign exchange futures.
    (5) "Index futures" include futures for the Russell 1000® mini, the
        Continuous Commodity Index, the Euro Index, and the NYSE Composite.
    (6) "Other contracts" include options on foreign exchange futures and
        options on index futures, excluding Russell 2000 mini options.


                            ICE Futures First Quarter ADV

                                  1Q2010           1Q2009     Percent Change
                                  ------           ------     --------------
    ICE Futures Europe           847,540          638,055              32.8
    ICE Futures U.S.             427,281          351,613              21.5
    ICE Futures Canada            14,339           14,925              -3.9
    Total Futures              1,289,160        1,004,593              28.3%

                       ICE Futures Monthly and Quarterly Volume

                              March 2010       March 2009     Percent Change
                              ----------       ----------     --------------
    ICE Futures Europe        19,311,987       13,811,238              39.8
    ICE Futures U.S.           9,994,181        8,709,722              14.7
    ICE Futures Canada           288,608          285,946               0.9
    Total Futures             29,594,776       22,806,906              29.8%

                                  1Q2010            1Q2009    Percent Change
                                  ------            ------    --------------
    ICE Futures Europe        51,699,916       40,193,742              28.6
    ICE Futures U.S.          26,064,120       21,448,419              21.5
    ICE Futures Canada           888,999          925,326              -3.9
    Total Futures             78,653,035       62,567,487              25.7%


                            ICE Futures Open Interest

                                      March 31, 2010    December 31, 2009
                                      --------------    -----------------
    ICE Futures Europe                   3,173,777            2,647,694
    ICE Futures U.S.                     3,237,194            3,375,176
    ICE Futures Canada                     143,225              118,181


                 Rolling Three-Month Average Rate per Contract (RPC)

                             Three Months      Three Months      Three Months
                                Ending            Ending            Ending
                              March 2010       February 2010     January 2010
                              ----------       -------------     ------------
    ICE Futures Europe             $1.53            $1.54             $1.57
    ICE Futures U.S. Ag            $2.12            $2.15             $2.10
    ICE Futures U.S. Fin           $0.92            $0.96             $0.94

    RPC is calculated by dividing transaction revenues by contract volume,
    and may vary based on pricing, customer and product mix.

                      ICE OTC Transaction & Clearing Revenues 

                                 1Q2010          4Q2009            3Q2009
                                 ------          ------            ------
    OTC Energy ADC            $1.37 million    $1.33 million    $1.25 million
    CDS Execution & Clearing  $41.4 million    $39.4 million    $43.1 million

Rate per contract, volumes and average daily commissions 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, 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, ICE Clear U.S., ICE Clear Canada, The Clearing Corporation, U.S. Dollar Index, ICE Link and Creditex. 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.

SOURCE IntercontinentalExchange


Source: newswire



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