Volatility, driven by warm weather conditions, natural gas option and the launch of new products supported modest growth in trading activity.

Global oil revenues rose 23% to $40 million, primarily due to the demand for our clear global oil contracts.

Revenue from OTC energy products launched since the inception of ICE Clear Europe, contributed $13 million in the quarter. We currently estimate that OTC energy commissions in July will average around $1.4 million a day and a relatively low volatility environment during what is typically the seasonally slow months.

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