IntercontinentalExchange Inc.

	Products Markets Trading & Technology Data

Atlanta-based IntercontinentalExchange (NYSE: ICE) is an operator of three international futures exchanges, clearing houses and over-the-counter markets, offering futures and OTC markets on a single electronic trading platform. Its markets include agricultural, credit, currency, emissions, energy and equity index offerings. Most of the ICE contracts are traded on its electronic trading platform.

A publicly traded company since November 2005, ICE's largest contract by volume is Brent Crude Oil futures. The company also operates OTC energy markets such as cleared bi-lateral trading for oil, natural gas and power. The company derives about half of its business from its futures markets, and half from OTC business.

ICE also operates five clearing houses for various derivatives products, and is a major clearer of credit default swaps. ICE Clear Credit, a U.S.-based CDS clearing house launched in March 2009, and ICE Clear Europe, ICE's London-based clearing house which launched CDS clearing in July 2009, cleared a combined $25 trillion in gross notional value of credit default swaps by November 2011 since their inception.^[1]

ICE ranked as the world's 14th-largest futures exchange in 2010, according to the Futures Industry Association's volume rankings for that year, with an average daily volume of 1.3 million contracts.^[2] The FIA report, published in March of 2011, notes that the number of futures and options traded on ICE was 328.95 million contracts, jumping 24.8% percent from the previous year.

Average daily commissions on OTC energy contracts from 2005 through November 2011 quadrupled to $1.6 million per day, according to chairman and CEO Jeff Sprecher in a Dec. 7, 2011 speech as the US Financial Services Conference 2011,^[3] topping its average daily commissions of $1.4 million in 2010. Annual volume at ICE Futures Europe and ICE Futures U.S. surpassed 200 million contracts and 100 million contracts, respectively, for the first time in 2010.^[4]

In January of 2012, it was announced that CME Group and the National Futures Association (NFA), in conjunction with the InterContinental Exchange (ICE), the Kansas City Board of Trade (KCBOT) and the Minneapolis Grain Exchange (MGEX) had formed a joint committee to review how self-regulatory organizations could strengthen current safeguards for customer segregated funds held at the firm level in light of the MF Global bankruptcy.^[5]

ICE said in January of 2012 that it had received approval to lower its bank members' cost to guarantee their proprietary positions.^[6]

Company Overview

Sprecher acquired ICE's predecessor company, the Continental Power Exchange (CPEX) in 1997 and began developing the ICE platform with a small team of developers, using the internet to create a globally distributed, high-speed, high-capacity platform.

Upon gaining support for a transparent and accessible energy market, ICE was officially established in May 2000, with founding shareholders representing some of the world’s largest energy market participants. The company’s mission was to transform OTC trading by providing an open, around-the-clock electronic energy exchange.^[7]

ICE operates three regulated futures exchanges, two over-the-counter markets and five regulated clearing houses. ICE serves customers in more than 70 countries and maintains offices in Calgary, Chicago, Houston, London, New York, Singapore and Winnipeg. ICE's agricultural commodity, foreign exchange and equity index futures markets are conducted through ICE Futures U.S. and ICE Futures Canada. ICE’s OTC energy markets offer more than 300 contracts in natural gas, power, oil and natural gas liquids. ICE operates five global clearing houses: ICE Clear U.S., ICE Clear Canada, ICE Clear Europe, ICE Clear Credit (formerly ICE Trust U.S.) and The Clearing Corporation (TCC). ICE conducts its energy futures markets through its London-based futures exchange, ICE Futures Europe, which, according to the exchange, trades half the world’s crude and refined oil futures, including the benchmark Brent crude and Gasoil futures contracts.

Futures Markets

• ICE Futures Europe was established in 1981 after ICE purchased the International Petroleum Exchange of London (IPE) in 2001. ICE Futures Europe is the largest regulated energy futures exchange in Europe, and the second largest in the world. The exchange’s benchmark contract, the ICE Brent Crude futures contract, is relied upon to price two-thirds of the world’s physical oil, and the ICE Gas oil futures contract is the world’s largest refined petroleum product futures contract. As a result, half of the worlds crude and refined oil futures trade in the exchange's markets. ICE Futures Europe is a Recognised Investment Exchange and regulated by the U.K. Financial Services Authority (FSA), with additional oversight by the CFTC, including position limits and enhanced reporting, for all U.S. linked contracts. ICE shut down the former IPE trading floors and switched trading over to an all electronic trading platform in 2005, making it the first fully electronic energy exchange in the world.^[8]

• ICE Futures U.S., previously known as The Board of Trade of the City Of New York (NYBOT), was acquired by ICE in 2007. NYBOT was formed in 1998 as the result of a merger between the world’s oldest cotton exchange, the New York Cotton Exchange (NYCE), and the Coffee, Sugar and Cocoa Exchange (CSCE). NYCE was founded in 1870 and CSCE was founded in 1882 as the Coffee Exchange of New York. Today, ICE Futures U.S. is the second largest derivatives exchange in the United States, offering futures and options on agricultural commodities, foreign exchange and equity indexes. ICE Futures U.S. is a Designated Contract Market regulated by the Commodity Futures Trading Commission (CFTC).

• ICE Futures Canada was established in 1887 as the Winnipeg Grain & Produce Exchange. It later became the Winnipeg Commodity Exchange (WCE) and was acquired by ICE in 2007. North America’s first fully electronic commodity exchange, ICE Futures Canada offers futures contracts on oil seeds and grain, including the world’s leading canola futures. It is regulated by the Manitoba Securities Commission.

Over-the-counter Markets

• OTC Energy: ICE's global OTC energy markets support cleared and bilateral transactions in more than 600 natural gas, power, refined petroleum and natural gas liquids (NGL) contracts. ICE’s Henry Hub OTC natural gas swap is regulated by the CFTC as a Significant Price Discovery Contract. More than 95% of ICE's OTC energy volume is cleared.

• OTC Credit: With its 2008 acquisition of Creditex Group, a leading credit derivatives brokerage, ICE entered the OTC credit default swaps (CDS) market.

Clearing

• ICE Clear U.S. serves the markets of ICE Futures U.S. ICE Clear U.S. is a Derivatives Clearing Organization under the Commodity Exchange Act and is regulated by the CFTC.

• ICE Clear Europe serves the futures markets of ICE Futures Europe and ICE’s OTC energy markets. In July 2009, London-based ICE Clear Europe introduced clearing for European CDS, with a separate risk pool, guaranty fund and margin accounts, as well as a dedicated risk management system and governance structure. ICE Clear Europe is a U.K. Recognised Clearing House and is regulated by the FSA. In January 2010, ICE Clear Europe received U.S. derivatives clearing organization (DCO) registration from the CFTC.

• ICE Clear Canada serves the markets of ICE Futures Canada. It is regulated by the Manitoba Securities Commission.

• ICE Clear Credit formerly, ICE Trust U.S. is a U.S.-based credit default swap clearing house. In March 2009, ICE Trust became the world's first operational CDS clearing house.

• The Clearing Corporation was established in 1925 as the nation’s first independent futures clearing house. It provides the risk management framework, operational processes and clearing infrastructure for the ICE Trust and ICE Clear Europe CDS clearing houses. The Clearing Corporation also provides clearing services for the Chicago Climate Futures Exchange(CCFE).

ICE's technology and services

• The ICE Platform, which offers three-millisecond round-trip transaction times, and supports electronic trading in bilateral and cleared OTC markets, as well as all ICE futures and options markets. The ICE Platform is accessible via a wide range of connectivity options, including WebICE, a web-based front end, multiple ISVs, and APIs.
• ICE Clear, which provides risk management, capital efficiency and maximum financial safeguards to participants in ICE's futures and OTC markets. The clearing platform supports all aspects of trade registration and contract settlement, while guaranteeing traded contracts registered for clearing. In addition to clearing contracts that are executed on the ICE platform, ICE accepts automated submission of off-exchange trades for clearing.
• ICE Data, which compiles and repackages trading data derived from trade activity into information products that are sold to a customer base extending beyond its main trading community.
• ICE eConfirm, which provides a fast, accurate and legally binding alternative to manual, paper confirmations that confirms trades within seconds or minutes.
• YellowJacket, a peer-to-peer trade negotiation application designed to meet the informational and risk management needs of OTC traders and brokers.

Annual Volume and Financials

2010

In 2010, ICE reported annual volume of 329 million contracts. Average daily volume (ADV) in ICE's futures markets increased 26 percent from 2009, to a record 1,305,553 contracts. ICE Futures Europe and ICE Futures U.S. established their thirteenth and eighth consecutive annual volume records, respectively.

Consolidated revenues in 2010 were $1.15 billion, an increase of 16 percent from $995 million in 2009. Transaction and clearing revenues in ICE's futures exchanges totaled $504 million in 2010, up 23 percent from $410 million in 2009. Transaction and clearing revenues in ICE's global OTC segment increased 10 percent to $520 million in 2010 from $475 million in 2009. Average daily commissions (ADC) for ICE's OTC energy business increased 14% to a record $1.37 million in 2010, compared to $1.20 million in 2009, and represented the seventh consecutive year of record ADC.

Annual Reports

• ICE 2010 Annual Report
• ICE 2009 Annual Report
• ICE 2008 Annual Report
• ICE 2007 Annual Report
• ICE 2006 Annual Report
• ICE 2005 Annual Report

Corporate Governance

The following individuals are members of ICE's board of directors:

Jeffrey C. Sprecher Charles Crisp Jean-Marc Forneri Senator Judd A. Gregg Fred Hatfield Terrence F. Martell Ph.D. Sir Callum McCarthy Sir Robert Reid Frederic V. Salerno Judith Sprieser Vincent Tese

Acquisitions

• June 2001: ICE expanded its business into the regulated futures markets by acquiring the International Petroleum Exchange. On Sept. 3, 2007, the exchange was renamed ICE Futures Europe.

• January 2007: ICE acquired the New York Board of Trade, which included NYBOT's clearing house. While the acquired futures contracts were moved to trade only on the ICE electronic platform, the option products continue to be traded both electronically and via its traditional open outcry mode. On Sept. 3, 2007, the exchange was renamed ICE Futures U.S.

• March 2007: ICE launched a takeover bid of $191.49 a share, or $10.12 billion, for the Chicago Board of Trade (CBOT). The offer surprised executives at both the CBOT and Chicago Mercantile Exchange (CME), who had been working to close an $8 billion merger. ^[9] CME, however, raised its bid three times and closed on its acquisition of the CBOT on July 12, 2007.^[10]

• July 2007: ICE acquired and integrated ChemConnect's markets to its over the counter business, adding a marketplace for natural gas liquids (NGL’s), propane and other chemicals.

• September 2007: ICE acquired the Winnipeg Commodity Exchange, and changed its name to ICE Futures Canada on January 1, 2008.^[11]

• October 2007: ICE acquired Chatham Energy, an OTC energy brokerage firm specializing in structuring and facilitating transactions in the energy options markets.

• January 2008: ICE acquired YellowJacket Software, a peer-to-peer trading tool for the OTC markets.^[12]

• June 2008: ICE announced its acquisition of Creditex Group, Inc., a credit default swaps processor in the U.S., Europe and Asia. The transaction, totaling $625 million, closed on August 29, 2008 making Creditex a wholly-owned subsidiary of ICE.^[13]

• September 2008: ICE announced that its acquisition of Creditex Group, Inc.was completed on Aug. 29, 2008.

• October 2008: ICE announced its agreement to acquire The Clearing Corporation (TCC or CCorp). Following its Creditex acquisition, ICE advanced its global credit default swap (CDS) clearing initiative through an agreement to acquire TCC as a joint global clearing solution, as well as MOU’s with nine major dealers to support its CDS clearing initiative.^[14]

• March 2009: ICE announced that its acquisition of The Clearing Corporation was complete and that it launched clearing services for CDS under ICE Trust using TCC’s technology and risk management frameworks. By January of 2010, cumulative gross notional value cleared by its CDS clearing houses surpassed $5 trillion.^[15] By

• July 2010: ICE completed its purchase of the Climate Exchange plc for $606.7 million dollars. The Climate Exchange includes the Chicago Climate Exchange, the European Climate Exchange and the Chicago Climate Futures Exchange. ^[16] ECX is the world's largest trader of carbon-emissions permits under the EU cap-and-trade system while CCX trades mostly voluntary permits in the U.S. market.

• April 2011: Nasdaq OMX and ICE made a counter-offer to acquire NYSE Euronext for $11.3 billion, a 19 percent premium over a price proposed by Deutsche Boerse.^[17] As part of the proposal, ICE would purchase NYSE Euronext’s derivatives businesses, and NASDAQ OMX would retain NYSE Euronext’s remaining businesses, including the NYSE Euronext stock exchanges in New York, Paris, Brussels, Amsterdam and Lisbon, as well as the U.S. options business. A combination of NASDAQ OMX and NYSE Euronext would merge the trading, listings, options and market technology businesses of the two companies to create a leading international exchange, headquartered in New York City, with a geographic footprint in sixteen countries.^[18]

• May 16, 2011:, NASDAQ OMX and ICE withdrew their bid for NYSE Euronext after the U.S. Department of Justice threatened a lawsuit over antitrust concerns.^[19]

• July 14, 2011: ICE announced the acquisition of 12.4 percent of CETIP, Brazil's largest clearinghouse. Under the deal, ICE paid $512 million in cash, or R$25.50 for its shares in Cetip. Advent International, which invested in Cetip prior to its initial public offering, was the main seller and with the sale, transitioned off the board of Cetip.^[20]

Product Milestones

• In October 2007, ICE Futures U.S. announced that it would begin offering 11 electronically traded foreign exchange ICE Currency Pairs 22 hours per day, beginning on Nov. 9, 2007. Listing of the foreign exchange futures contracts were set to occur in phases.

• In February 2008, ICE announced a timeline for introduction of electronically traded options on futures contracts at ICE Futures U.S., beginning March 28. Electronic options on futures began trading for the Sugar No. 11, Cotton No. 2, Coffee "C", Cocoa, FCOJ-A and the Russell 1000 Index mini and Russell 2000 Index mini contracts.^[21]

• On February 27, 2008 ICE and Natural Gas Exchange Inc. (NGX) energy exchange and clearinghouse said they would offer clearing and settlement services for physical OTC natural gas contracts beginning March 3, 2008. Physical clearing on select U.S. trading hubs would be available as part of a previously announced alliance between ICE and NGX.^[22]

• On March 24, 2008, ICE and Natural Gas Exchange Inc. (NGX), an energy exchange and clearinghouse, said they would offer clearing and settlement services for physical OTC natural gas contracts at the Henry Hub delivery point beginning Monday, Apr. 7, 2008, pursuant to a previously announced alliance. As with physical clearing services successfully introduced on March 3 at PG&E Citygate and GTN Malin, NGX's clearing organization would serve as the central counterparty for the physical delivery and financial performance.^[23]

• ICE and globalCOAL, an electronic marketplace for thermal coal, announced on Apr. 2, 2008 a cooperation agreement to develop and launch two new coal futures contracts at ICE Futures Europe. The contracts consist of financially settled NEWC coal futures to be launched mid-2008, and physically settled ARA coal futures to be launched later in the year.^[24]

• On September 19, 2008 futures based on Russell Investments’ U.S. equity indexes, including the Russell 1000 Index and Russell 2000 Index futures, transitioned to exclusive trading on ICE Futures U.S.

• November 3, 2009, ICE launched ICE Clear Europe, the first major clearing house in the U.K. in over 100 years. The clearing house was designed to clear ICE’s futures and OTC energy contracts. As of August 2009, it also houses a separate guaranty fund and risk pool for cleared European CDS index contracts.

• January 2009, ICE began the rollout of a suite of new cleared OTC energy contracts. Through August 2009, ICE had launched over 100 new power, oil, natural gas and NGL contracts.

• March 2009, U.S. authorities approved ICE’s acquisition of Clearing Corp., advancing an effort to create a clearinghouse for the $27 trillion credit default swap (CDS) market. On March 10, ICE began clearing CDS through its North American CDS clearinghouse, ICE Trust.

• July 2009, the U.K. Financial Services Authority (FSA) completed its regulatory review of ICE Clear Europe's CDS clearing operations, risk management and governance . ICE introduced clearing for European credit default swaps (CDS) through ICE Clear Europe on July 29.

• December 14, 2009, ICE Trust U.S. began clearing credit default swap contracts for buy-side market participants after receiving U.S. regulatory approval.^[25]

• July 7, 2010, ICE hit $10 trillion milestone in its global CDS clearing category.^[26]

• October 11, 2010, ICE set to launch of 35 new energy and emissions contracts on November 8, 2010.^[27]

• November 8, 2010, ICE Futures Europe trades its first cleared ECX emissions reduction unit contract.^[28]

• November 17, 2010, ICE trades its first German natural gas futures contract.^[29]

• November 18, 2010, ICE released information concerning a December 13 launch of 39 new cleared OTC energy contracts.^[30]

• January 27, 2011, ICE announced plans to launch 26 new energy contracts on February 21, 2011.^[31]

• March 14, 2011, ICE announced the launch of 15 cleared oil products, set for April 4.^[32]

• May 9, 2011, ICE announced the May 23 offering of 49 new energy contracts^[33]

• May 26, 2011, ICE announced the June 13 offering of 48 new energy contracts.^[34]

• June 1, 2011, ICE Futures U.S. announced the June 6 offering of 10 new FX futures contracts and addition of FX futures to member firm fee program.^[35]

• August 29, 2011, ICE announced the first trade on its California Carbon Allowance forward contract, a trade representing 100,000 vintage 2013 California Carbon Allowances for delivery in December 2013.^[36]

Company Highlights

• Since 2003, ICE has partnered with the Chicago Climate Exchange (CCX) to host its electronic marketplace.

• In April 2005, the entire ICE portfolio of energy futures became fully electronic with the closure of the IPE’s open outcry trading floor.

• On Nov. 16, 2005 ICE became a publicly traded company, listing on the NYSE.

• In June 2006, ICE was added to the Russell 1000 Index.

• In January 2007, ICE was named as the 2007 Energy Exchange of the Year by votes cast for the annual Energy Business Awards.^[37]Among the factors considered by the magazine were strengths in innovation, infrastructure, systems and organization, client service and risk management.

• On Sept. 25, 2007, ICE was added to the S&P 500 Index.

• In January 2008, ICE's primary trade matching engine for all OTC and futures products migrated permanently from Atlanta to the company's Chicago data center location. The new hosting facility includes expanded co-location capabilities and provides the physical space, electric power, and bandwidth necessary to accommodate continued growth in ICE's messaging traffic, trading volume and customer base. The Atlanta-based data center will become the disaster recovery site for the ICE trade matching engine.^[38]

• On March 4, 2008 the U.S. Commodity Futures Trading Commission (CFTC) said it had issued an order under Section 4d of the Commodity Exchange Act (CEA) that would permit ICE Clear U.S., Inc. (ICE Clear) and the Options Clearing Corporation (OCC) to establish a non-proprietary cross margining program.^[39]

• In May 2008, ICE was granted approval to launch its wholly-owned, Europe-based clearing house, ICE Clear Europe. ICE Clear Europe will provide secure clearing services for ICE’s futures and cleared over-the counter energy contracts.^[40]

• In November of 2008, ICE successfully launched London’s first major clearing house in more than a century. All ICE Futures Europe and ICE OTC trading positions were fully transferred from LCH.Clearnet to ICE Clear Europe, ICE's wholly-owned Europe-base clearing house as of Nov. 3.

• On March 9, 2009, ICE began operation of ICE Trust.^[41], a central counterparty clearing house for North American credit default swaps (CDS). ICE Trust addresses the operational and risk management needs of the credit derivatives market, as well as calls by regulators and policy makers for systemic risk reduction. ICE began European CDS index clearing through ICE Clear Europe on July 29, 2009.

• On Oct. 29, 2009 ICE announced that ICE Clear Europe and ICE Trust were awarded Best Innovation by a Clearing House, Europe, Middle East and Africa and Best Innovation by a Clearing House, Americas respectively by FOW, a global derivatives publication.^[42]

• On July 28, ICE along with its partners, launched a Brazilian market for electric power called BRIX. The exchange is a joint venture between ICE and Roberto Teixeira da Costa, economist, founder and first president of CVM, the Brazilian financial regulator; Eike Batista, CEO of EBX Holding which invests across industrial sectors including energy, infrastructure and mining; Josue Gomes da Silva, president of Coteminas, the largest textile group in the Americas; and Marcelo Parodi, founder and president of Compass Energia.^[43]

Futures and Options Products

Agricultural

Agricultural contracts traded include ICE Western Barley, ICE Canola, ICE U.S. Coffee "C" Arabica, which is the world's largest coffee futures contract, ICE Cotton No. 2, ICE Cocoa, ICE Feed Wheat, ICE Frozen Concentrated Orange Juice, ICE Sugar No. 11, and ICE Sugar No. 16.

When ICE acquired what is now ICE Futures U.S., the exchange did not have an electronic trading platform and all futures and options transactions occurred via open outcry. trading. In December 2007, the ICE Futures U.S. Board approved transitioning to fully electronic trading for futures and within weeks, almost all of the exchange’s contracts were made available for electronic trading on the ICE platform. Today, all futures trading on ICE Futures U.S. is conducted electronically, with open-outcry trading available only for select options-on-futures markets.

Fossil Fuels and Power

Nearly half of the world's global crude futures by volume of commodity traded is transacted on the ICE exchange.

In addition to ICE Brent Crude Oil futures and options, ICE energy contracts include ICE Rotterdam & Richards Bay Coal, ICE Emissions, ICE Gas Oil, ICE Heating Oil Futures, ICE Middle East Sour Crude Oil, ICE Unleaded Gasoline, ICE U.K. Electricity Futures, ICE U.K. Natural Gas, and ICE West Texas Intermediate Light Sweet Crude Oil.

The ICE ECX EUA and CER futures contracts are the result of a cooperative relationship between ICE Futures Europe and the Chicago Climate Exchange, Inc. and its subsidiary, the European Climate Exchange, which ICE acquired in 2010.

Financial

Financial contracts traded include the ICE Reuters Jefferies CRB Index (which began Feb. 1, 2008)^[44] ICE Russell 1000 and Russell 2000 Futures and the ICE U.S. Dollar Index Futures.

In October of 2008, it was announced that ICE Futures U.S. would launch a suite of million-currency-unit foreign exchange (FX) futures contracts on Nov. 6, 2008. The new futures contracts, known as ICE Millions and first announced on Sept. 24, combine the benefits of futures and OTC products, bringing additional transactional efficiencies and risk management tools to the FX marketplace. ICE Millions are 10 times the notional value of the existing suite of ICE FX futures and options contracts. ICE Futures U.S. also lists the ICE U.S. Dollar Index futures, which would remain the existing notional size of $1000 times the index value.^[45]

OTC Markets

Energy

The ICE OTC markets include Credit Default Swaps, Financial Gas, Financial Power, Olefins and Aromatics, Oil and Refined Products, Natural Gas Liquids, Physical Gas and Physical Power. ICE offers over 650 cleared contracts in its OTC energy markets.

Under an arrangement with TSX Group, Inc., cleared and bilateral markets for North American physical natural gas and Canadian electricity operated by NGX and ICE are offered together on ICE's trading platform. In turn, NGX serves as the clearinghouse for these products. NGX also uses the ICE Clear system to electronically accept for clearing off-exchange transactions in financial gas and other energy products.

Credit In addition to OTC energy contracts, ICE offers execution, processing and clearing services for OTC credit derivatives through its Creditex, ICE Link, ICE Clear Credit and ICE Clear Europe businesses.

Clearing Services

Clearing for ICE trades is handled by ICE Clear U.S., ICE Clear Europe, ICE Clear Canada, ICE Clear Credit and The Clearing Corporation (TCC).

News

• In April 2010, ICE purchased Climate Exchange plc, parent of the European Climate Exchange and the Chicago Climate Exchange, for US$604. Analysts conteded that ICE's move was a bet on the future of emissions markets in the U.S. and China as well as Europe.^[46] ICE financed $220 million of the $604 million Climate Exchange purchase and paid the remainder in cash in a move to broaden its energy-trading base, MarketWatch reported.^[47] Prior to the Climate Exchange acquisition, ICE's first-quarter earnings in 2010 rose 40% on stronger-than-expected energy trading results, MarketWatch also reported.

• In the wake of a 41 percent rise in second-quarter earnings, ICE said in early August 2010 that it is examining the future of its U.S. emissions-trading business following stalled cap-and-trade legislation over the summer. The exchange runs profitable emissions units in Europe but its Chicago-based Climate Exchange is a money loser as of the Q2 earnings release. Chief Financial Officer Scott Hill said that when ICE started to examine its move into emissions trading, it was not unreasonable to expect that the U.S. would pass legislation. CEO Jeff Sprecher said in August that ICE plans to scale back the Chicago operation and re-evaluate its future.^[48]

• In the month just before the Climate Exchange acquisition, ICE reported strong growth in futures-trading volume, with ICE Futures Europe establishing its third consecutive monthly volume record, an ICE press release reported.^[49] ICE reported that average daily volume (ADV) across all its exchanges in April 2010 was 41% higher than for April 2009, while ADV for the four months to April 2010 rose 32% on the corresponding year.

• Seven of ICE's 24 electronically-traded energy contracts will face additional regulation by the Commodity Futures Trading Commission (CFTC) following a decision taken by the regulator in late April 2010.^[50] The seven ICE contracts to draw CFTC extra scrutiny were basis contracts in natural gas, although carbon-market contracts traded by recent ICE acquisition the Chicago Climate Exchange escaped extra regulation.

• On Feb. 4, 2009, ICE announced that it had been named Derivatives Exchange of the Year for 2008 by Risk magazine. The 2008 award marked the third year since 2005 that ICE had received the award.^[51]

• ICE said that on Jan. 8, 2008 its ICE Futures subsidiary posted a new high in exchange-wide electronic trading volume for a single day. The exchange reported record electronic volume of 234,120 contracts on Tuesday. The new record surpassed the previous electronic volume record set on June 13, 2007.^[52]

• On Jan. 10, 2008 ICE Futures U.S. set a new daily electronic trading volume record. Electronic futures volume on Jan. 10, 2008 totaled 247,040 contracts. ICE Sugar No. 11 futures also reached a new daily electronic volume record of 177,271 contracts. Electronic trading at ICE Futures U.S. represented 89 percent of total futures volume. Also on Jan. 10, open interest in the Sugar No. 11 futures contract surpassed the one-million contract mark for the first time, with 1.021 million open contracts. Open interest in ICE Cotton futures also set a new all-time high at 261,151 contracts.^[53]

• On Jan. 17, 2008 ICE set new daily electronic and exchange-wide trading volume records. Electronic futures volume on Jan. 17 totaled 363,441 contracts, surpassing by 33 percent the previous record of 273,670 contracts set on Jan. 16, 2008.^[54]ICE Sugar No. 11 futures established a new daily electronic volume record of 306,728 contracts.^[55]

• On Jan. 18, 2008 ICE said that due to market conditions impacting the price of ICE's common stock, Chairman and Chief Executive Officer Jeffrey Sprecher would cancel a previously announced, pre-arranged stock trading plan established in November 2007 and scheduled to commence in January 2008. The plan was adopted pursuant to guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934 and disclosed by ICE in a press release dated Dec. 24, 2007.^[56]The exchange said Sprecher did not make any trades under the plan, which would have accounted for approximately 10 percent of his combined holdings of stock, restricted stock and stock options and was intended to diversify his personal investment portfolio, implement certain tax planning measures, and pay income taxes incurred in connection with the awards.^[57]

• On Feb. 13, 2008 ICE set a new daily volume record in its ICE Gas Oil futures contract. Gas Oil futures volume reached 200,908, surpassing by eight percent the previous record of 186,124 contracts established on Nov. 6, 2007.^[58]

• On Apr. 2, 2008, ICE reported announced that March average daily volume(ADV) in futures exceeded one million contracts for the first time in exchange history, and OTC commissions more than doubled. In the first quarter of 2008, ICE achieved record ADV and record average daily commissions.^[59]

• On May 29, 2008, ICE announced that in cooperation with the U.S. Commodity Futures Trading Commission (CFTC) and the U.K. Financial Services Authority (FSA), it has facilitated the development of a cross-border program to provide enhancements to its energy market data reporting, including the large trader reports already in place on its West Texas Intermediate (WTI) crude oil futures contract. The expanded information sharing agreement, initiated by ICE and detailed below, will be subject to the existing memorandum of understanding (MOU) between the FSA and the CFTC. As a result of these proactive enhancements, ICE Futures Europe hopes to provide greater transparency in its markets.^[60]

• On June 3, ICE reported that average daily volume for all ICE Futures contracts reached 872,555 in May 2008 compared to 724,991 in May 2007. In May 2008, ICE's average daily commissions were $1,193,325, an increase of 68 percent compared to $711,074 in May 2007. Average daily commissions reflect daily trading activity in ICE's global OTC energy markets.^[61]

• On June 17, 2008 and May 29, 2008, the CFTC announced further enhancements to the level of information that ICE has supplied since 2006 on its West Texas Intermediate (WTI) Crude Oil contract. The initiatives placed ICE Futures Europe under the same regulations as those applicable to U.S.-based exchanges.^[62]

ICE Stock Quote Information

ICE's web site contains detailed information about ICE's stock price.

Key People

• Jeffrey Sprecher, Chairman, Chief Executive Officer
• Charles Vice, President, Chief Operating Officer
• Scott Hill, Chief Financial Officer
• David Goone, Senior Vice President and Chief Strategic Officer
• Edwin Marcial, Chief Technology Officer
• Johnathan Short, Senior Vice President, General Counsel and Corporate Secretary
• Thomas W. Farley, President, Chief Operating Officer, ICE Futures US
• David J. Peniket, President, Chief Operating Officer, ICE Futures Europe
• Brad Vannan, President , Chief Operating Officer ICE Futures Canada
• Thomas Hammond, President, Chief Operating Officer, ICE Clear US
• Paul Swann, President, Chief Operating Officer, ICE Clear Europe
• Christopher S. Edmonds, President, ICE Trust U.S.
• Grant Biggar, President, Creditex

References

1. ↑ 2ICE Reaches $25 Trillion Milestone in Global CDS Cleared. ICE Press Release.
2. ↑ 2010 Annual Volume Survey. Futures Industry.com.
3. ↑ Goldman Sachs US Financial Services Conference 2011. Goldman Sachs.
4. ↑ ICE Reports Record Futures Volume in 2010; ADV up 26%; 2010 OTC Energy ADC up 14% to a Record $1.4 Million; $14.6 Trillion Cleared in CDS to Date. ICE press release magazine.
5. ↑ Press Release. NFA.
6. ↑ ICE to Begin Portfolio Margining for Bank Credit Swap Trades. Bloomberg.
7. ↑ "ICE Futures U.S. Board Approves Transition to Fully Electronic Trading for Futures". Reuters.com.
8. ↑ A History of Transparent Markets. ICE.
9. ↑ Chilling Effect? ICE Makes CBOT Merger Offer. redOrbit.
10. ↑ CBOT Holders Choose To Merge With CME. Forbes.com.
11. ↑ Press Release. WCE.
12. ↑ Press Release. IntercontinentalExchange.
13. ↑ Press Release. ICE.
14. ↑ ICE in takeover of Clearing Corporation. Financical Times.
15. ↑ Press Release. ICE.
16. ↑ ICE buys Climate Exchange for 395 mln stg. Reuters.
17. ↑ Nasdaq OMX, ICE Raise Stakes for NYSE Euronext in Counterbid. Securities Technology Monitor.
18. ↑ Press Release. Nasdaq.
19. ↑ Nasdaq Drops $11.3 Billion Bid for NYSE, Clearing Way for Deutsche Boerse. Bloomberg.
20. ↑ IntercontinentalExchange Announces Strategic Investment with 12.4% Stake in Cetip S.A., Brazil's Leading Clearing House. ICE.
21. ↑ Press Release. ICE.
22. ↑ Press Release. ICE.
23. ↑ Press Release. IntercontinentalExchange.
24. ↑ Press Release. IntercontinentalExchange.
25. ↑ ICE press release. InterContinental Exchange.
26. ↑ ICE press release. InterContinental Exchange.
27. ↑ ICE press release. InterContinental Exchange.
28. ↑ ICE press release. InterContinental Exchange.
29. ↑ ICE press release. InterContinental Exchange.
30. ↑ ICE press release. InterContinental Exchange.
31. ↑ ICE press release. InterContinental Exchange.
32. ↑ ICE press release. InterContinental Exchange.
33. ↑ ICE press release. InterContinental Exchange.
34. ↑ ICE press release. InterContinental Exchange.
35. ↑ ICE press release. InterContinental Exchange.
36. ↑ ICE press release. InterContinental Exchange.
37. ↑ Press Release. ICE.
38. ↑ "ICE makes some moves to Chicago”. charlotte.bizjournals.com/.
39. ↑ Press Release. ICE.
40. ↑ ICE Clear Europe. IntercontinentalExchange.
41. ↑ Press Release. IntercontinentalExchange.
42. ↑ ICE Clearing Houses Recognized as Most Innovative; ICE Clear Europe and ICE Trust Receive FOW Awards for Innovation 2009. ICE.
43. ↑ ICE Announces Successful Launch of BRIX, Brazil's Electric Power Marketplace. ICE.
44. ↑ "ICE Futures U.S. to List CRB Index on the Screen”. Reuters.
45. ↑ Press Release. ICE.
46. ↑ Carbon Trading Exchanges Acquired by ICE. InvestorPlace.
47. ↑ IntercontinentalExchange profit rises. MarketWatch.
48. ↑ ICE Scrutinizes US Climate Unit As 2Q Rises 41%. Dow Jones.
49. ↑ ICE Reports Record April Futures ADV; Record Volume and ADV at ICE Futures Europe; Clears $7.9 Trillion in CDS Globally to Date. PRNewswire-FirstCall.
50. ↑ CFTC Votes 5-0 To Regulate 7 Of ICE's Natural-Gas Basis Contracts. Dow Jones.
51. ↑ Press Release. IntercontinentalExchange.
52. ↑ Press Release. IntercontinentalExchange.
53. ↑ Press Release. IntercontinentalExchange.
54. ↑ Press Release. IntercontinentalExchange.
55. ↑ Press Release. IntercontinentalExchange.
56. ↑ Press Release. IntercontinentalExchange.
57. ↑ Press Release. IntercontinentalExchange.
58. ↑ Press Release. IntercontinentalExchange.
59. ↑ Press Release. ICE.
60. ↑ Press Release. ICE.
61. ↑ Press Release. ICE.
62. ↑ 2nd UPDATE:CFTC:Seeks ICE Europe WTI Front Mo Contract Limits. Dow Jones Newswires and Morningstar.

Resources

• ICE Web site: www.theice.com
• Creditex web site: www.creditex.com
• YellowJacket web site: www.yjenergy.com