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ICE Reports April Volume

Stocks in this article: ICE

IntercontinentalExchange Group (NYSE: ICE), the leading global network of exchanges and clearing houses, today reported exchange traded volumes for April 2014.

ICE’s April average daily volume (ADV) was 5.9 million contracts, a decrease of 13% compared to April 2013.

  • Commodity futures and options ADV was down 20% in April due primarily to lower price volatility across most products.
  • Financial futures and options ADV was down 3% in April due primarily to lower volatility in European interest rates relative to the prior April. This was partially offset by growth across equity derivatives that increased 11% year to year.
  • NYSE and Euronext’s cash equities ADV declined 1% and 2%, respectively, from the prior April. NYSE equity options volume declined 14% year to year.
 

ICE Futures & Options ADV (contracts in 000s)

   

ADV April 2014

 

ADV April 2013

 

Change y/y

 

ADV YTD Apr ‘14

 

ADV YTD Apr ‘13

 

Change y/y

COMMODITIES                        
Energy                        
Brent   616   803   -23 %   623   723   -14 %
Gasoil   198   254   -22 %   222   274   -19 %
Other Oil (1)   249   255   -2 %   256   258   -1 %
TOTAL OIL   1,064   1,312   -19 %   1,101   1,255   -12 %
Natural Gas (2)   704   1,507   -53 %   1,052   1,396   -25 %
Power (3)   855   514   66 %   872   552   58 %
Emissions & Other (4)   40   48   -16 %   52   50   4 %
TOTAL ENERGY   2,663   3,380   -21 %   3,077   3,253   -5 %
Agricultural                        
Sugar (5)   163   166   -2 %   181   154   17 %
Other Ags & Metals (6)   190   221   -14 %   202   195   3 %
TOTAL AGRICULTURAL & METALS   353   387   -9 %   383   349   10 %
TOTAL COMMODITIES   3,017   3,767   -20 %   3,460   3,602   -4 %
                         
FINANCIALS                        
Interest Rates                        
Short-term Interest Rates (7)   1,427   1,634   -13 %   1,770   2,340   -24 %
Medium & Long-term Interest Rates (8)   132   137   -4 %   172   180   -5 %
TOTAL INTEREST RATES   1,559   1,771   -12 %   1,942   2,520   -23 %
                         
TOTAL EQUITY DERIVATIVES (9)   1,307   1,182   11 %   985   1,201   -18 %
                         
TOTAL FX (10)   17   32   -45 %   24   37   -34 %
TOTAL FINANCIALS   2,883   2,985   -3 %   2,951   3,757   -21 %
TOTAL FUTURES & OPTIONS   5,899   6,752   -13 %   6,411   7,360   -13 %

Note: Figures may not foot due to rounding.

 

(1)

“Other Oil” includes futurized oil, WTI, Heating Oil, RBOB Gasoline and Middle East Sour Crude. Excludes Daily Brent Bullet contracts.

(2)

“Natural Gas” includes North American, UK and European Natural Gas.

(3)

“Power” includes North American, UK and European Power.

(4)

“Emissions & Other” includes all power contracts, emissions, freight, coal, iron ore and uranium.

(5)

“Sugar” includes Sugar No. 11, Sugar No. 16 and White Sugar.

(6)

“Other Ags & Metals” includes Cocoa, Coffee “C”, Coffee 20 Tonne, Cotton No. 2, Orange Juice, Corn, Wheat-Feed, Soybeans, Barley, Canola, Mini Gold and Mini Silver contracts.

(7)

“Short-term Interest Rates” includes Euribor, Sterling, Swiss, Eonia, Eurodollar and DTCC GCF Repo contracts.

(8)

“Medium & Long-Term Rates” includes Gilt, Swapnotes Yen, Treasuries, U.S. Bond and Ultrabond contracts.

(9)

“TOTAL EQUITY DERIVATIVES” includes FTSE 100, FTSE 100 Dividend, price return and net total return versions of MSCI EAFE, MSCI Emerging Markets, MSCI Europe, and MSCI World, Russell 2000 ® , Russell 1000 ® and UK Single Stock Equities which includes equities domiciled in 25 countries that trade in the UK.

(10)

“TOTAL FX” includes futures and options for the U.S. Dollar Index and foreign exchange.

 

Financial and Reporting Update

  • ICE will report first quarter 2014 earnings results on May 8.
  • Rate per contract (RPC) for March and February are restated in Agriculture & Metals and Financials due to the inclusion of Liffe clearing revenue.
  • Effective April 28, many of ICE’s North American smaller sized power contracts were converted to larger contract sizes. April volumes reflect the historical contract size for the final three trading days consistent with the rest of the month. May power volume and open interest will be reported consistent with the new contract methodology. Historical conversions for daily power volumes are available on the ICE website: Supplemental Volume Info.
 

ICE Futures & Options Rolling Three-Month Average Rate per Contract (RPC)

Futures & Options Products

 

Three Months Ending Apr 2014

 

Three Months Ending Mar 2014

 

Three Months Ending Feb 2014

Energy   $1.01   $0.98   $0.95
Agricultural & Metals   $2.31   $2.26   $2.27
Total Commodities   $1.17   $1.12   $1.08
Interest Rates   $0.65   $0.61   $0.62
Total Financials   $0.58   $0.59   $0.60
     

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

   

ICE Futures & Options Open Interest (contracts in 000s)

   

Apr 30, 2014

  Dec 31, 2013
Energy*   96,426   88,425
Agricultural & Metals   3,518   3,372
Total Commodities   99,944   91,797
Interest Rates   22,881   18,101
Total Financials   40,005   30,385
 

*Energy OI excluding U.S. power contracts for April 2014 and December 2013 were 31,862 and 34,013 contracts, respectively.

ICE Futures & Options Volume (contracts in 000s)

Futures & Options Products

 

Apr-14

  Apr-13  

Vol % Change

 

YTD Apr ‘14

 

YTD Apr ‘13

 

Vol % Change

Commodities   63,350   82,818   -24%   283,697   295,468   -4%
Financials   58,008   62,872   -8%   244,533   311,756   -22%
TOTAL CONTRACTS   121,358   145,691   -17%   528,230   607,224   -13%
           
 

U.S. Equity Options (contracts in 000s)

   

ADV Apr 2014

 

ADV Apr 2013

 

Change y/y

 

ADV YTD Apr ‘14

 

ADV YTD Apr ‘13

 

Change y/y

U.S. Equity Options                        
NYSE Equity Options (1)   3,687   4,298   -14%   3,826   4,249   -10%
Total U.S. Options Volume   15,219   15,352   -1%   15,855   15,081   5%
NYSE Share of Group Total   24%   28%   -4pts   24%   28%   -4pts
           

(1) “NYSE Equity Options” includes NYSE Amex Options and NYSE Arca Options trading in U.S. equity options contracts.

 

U.S. Equity Options Rolling Three-Month Average Rate per Contract (RPC)

 

 

Three Months Ending Apr 2014

Three Months Ending Mar 2014

 

Three Months Ending Feb 2014

US Equity Options   $0.16 $0.16   $0.16
   
 

U.S. Cash Products (shares in millions)

   

ADV April 2014

 

ADV April 2013

 

Change y/y

 

ADV YTD Apr ‘14

 

ADV YTD Apr ‘13

 

Change y/y

NYSE Listed (Tape A) Issues                        
Handled Volume (1)   1,069   1,105   -3%   1,077   1,116   -3%
Matched Volume (2)   1,043   1,065   -2%   1,049   1,073   -2%
Total NYSE Listed Consolidated Volume   3,438   3,529   -3%   3,558   3,570   0%
Share of Total Matched Consolidated Volume   30%   30%   -   30%   30%   -
                         
NYSE Arca, MKT and Regional (Tape B) Listed Issues                        
Handled Volume (1)   246   264   -7%   265   235   13%
Matched Volume (2)   232   243   -5%   249   217   15%
Total NYSE Arca and MKT Listed Consolidated Volume   1,073   1,165   -8%   1,170   1,040   13%
Share of Total Matched Consolidated Volume   22%   21%   +1pt   21%   21%   -
                         
Nasdaq Listed (Tape C) Issues                        
Handled Volume (1)   223   186   20%   217   197   10%
Matched Volume (2)   206   168   23%   198   176   12%
Total Nasdaq Listed Consolidated Volume   2,119   1,689   25%   2,156   1,786   21%
Share of Total Matched Consolidated Volume   10%   10%   -   9%   10%   -1pt
                         
TOTAL ADV U.S. Cash Shares Handled   1,537   1,555   -1%   1,559   1,548   1%
           

(1)

 

“Handled Volume” represents the total number of shares of equity securities, ETFs and crossing session activity internally matched on NYSE Group’s exchanges or routed to and executed on an external market center.

(2)

“Matched Volume” represents the total number of shares of equity securities, ETFs and crossing session activity executed on NYSE Group’s exchanges.

     

U.S. Cash Rolling Three-Month Revenue Capture

(per 100 shares)

 

 

Three Months Ending Apr 2014

 

Three Months Ending Mar 2014

 

Three Months Ending Feb 2014

US Cash Products   $0.047   $0.047   $0.048
 
           

Euronext Cash Products and Derivatives (in 000s)

   

ADV April 2014

 

ADV April 2013

 

ADV % Change

 

ADV YTD Apr ‘14

 

ADV YTD Apr ‘13

 

ADV % Change

Euronext Cash (in trades) (1)   1,460   1,495   -2%   1,562   1,407   11%
                         
Euronext Derivatives (in lots) (2)   551   632   -13%   599   647   -7%
 

(1)

 

Includes Equities, ETFs, Structured products and bonds.

(2)

Includes Equity Index products, Single Stock equities, Currencies, Wheat-Milling, Rapeseed, Corn and Barley Malting futures and options products.

 

Credit Derivatives Transaction and Clearing

  • Through April 28, ICE has cleared $52 trillion in gross notional value on a cumulative basis across 1.7 million trades with open interest of $1.6 trillion. Buy-side clearing of credit default swaps (CDS) totaled $6.2 trillion since the launch of client clearing at ICE Clear Credit in December of 2009. ICE lists over 450 CDS instruments for clearing. A complete summary of CDS clearing can be found at: https://www.theice.com/clear_credit.jhtml

April 2014 Review

  • ICE completed the transition of the ICE Endex Dutch and Belgian natural gas spot markets and the Dutch gas storage market to the ICE trading platform.
  • ICE Benchmark Administration (IBA) was appointed as the new administrator of ISDAFIX.
  • ICE announced management appointments and Board of Directors for its newly renamed ICE Futures Singapore and ICE Clear Singapore operations.
  • ICE Clear Europe announced the introduction of clearing for Western European Sovereign CDS instruments including Ireland, Italy, Portugal and Spain, following receipt of regulatory approval.
  • ICE announced the launch of 21 interest rate futures contracts including new Liffe European Government Bond Futures and Swapnote® Contracts.
  • Liffe 30 Year Ultra Long Gilt futures had a strong launch and first month of trading with 17,520 contracts traded during April and open interest of 3,692 as of April 30.
  • Monthly total volume and ADV records were established in NYH RBOB Gasoline futures and Rotterdam Coal options contracts.
  • Daily volume records were established during the month for NYH RBOB Gasoline futures and Sugar 16 futures of 42,586 contracts and 3,716 contracts, respectively.
  • Open interest records were established in Low Sulphur Gasoil futures, futures on the DTCC GCF Repo indices and UK Natural Gas, Newcastle Coal, Richards Bay Coal and Rotterdam Coal options contracts.
  • ICE finalized the acquisition of NYSE Euronext on November 13, 2013. For comparison purposes NYSE Euronext volumes are included for all periods covered.

Trading days in April 2014:

  • Interest Rates, UK Single Stock: 20
  • Commodities, Other Financials: 21
  • US Cash Equities, US Equity Options: 21
  • Euronext Cash Equities, Euronext Derivatives: 20

About IntercontinentalExchange Group, Inc.

IntercontinentalExchange (NYSE: ICE) is the leading network of regulated exchanges and clearing houses for financial and commodity markets. ICE delivers transparent, reliable and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.

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