Intercontinental Exchange Group Inc.

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Intercontinental Exchange Group
ICEnewlogocolor.jpg
Founded 2000
Headquarters Atlanta, with offices in New York, London, Chicago, Singapore, Winnipeg, Amsterdam
Key People Jeffrey Sprecher, Chairman, CEO; Charles Vice, President, COO; David Goone, Chief Strategic Officer; Scott Hill, CFO
Employees 5,549
Products Futures, Options, Securities and OTC markets
Twitter @ICE_Markets
LinkedIn Profile
Facebook Exchange Intercontinental Exchange
Website www.theice.com
Releases Company News

Atlanta-based Intercontinental Exchange Group (ICE) is a global exchange, clearing, financial data and technology company, operating multiple markets and services across nine different asset classes.

ICE operates 11 international regulated exchanges including its ICE futures and OTC exchanges in the US, Canada, Europe and Singapore. It also is the parent company of the well-known New York Stock Exchange and related securities exchanges. Today, the company is among the largest exchange groups in the world that has grown dramatically via a succession of acquisitions of other exchanges, technology firms and data service providers.

ICE, (NYSE: ICE), a publicly traded company since 2005, lists more than 12,000 derivatives and securities contracts on its markets. Its derivatives exchange properties include five regulated futures exchanges: ICE Futures US, ICE Futures Europe, ICE Futures Canada, ICE Futures Singapore and ICE Endex. On the securities side, ICE operates three stock exchanges: New York Stock Exchange, NYSE Arca and NYSE MKT (formerly AMEX); plus two US equity options exchanges NYSE Arca Options, NYSE AMEX Options and a corporate bond platform, NYSE Bonds.

In the OTC space, ICE operates energy platforms ICE OTC Energy as well as credit and swaps markets such as ICE Swap Trade and Creditex.

On its derivatives exchanges, ICE offers futures and OTC contracts on: energies, softs, grains, currencies, emissions, precious metals, interest rates, bonds as well as credit and equity indexes. With its stock and options exchanges, it offers traditional stock, equity options and exchange traded products.

The exchanges are supported by six clearing houses, which handle the clearing and settlement functions for more than 6 million daily derivatives transactions on its markets. Included on its roster of clearinghouses are: ICE Clear US, ICE Clear Europe, ICE Clear Canada, ICE Clear Singapore, ICE Clear Netherlands and ICE Clear Credit.[1]

It offers futures and OTC contracts on a single electronic ICE Trading Platform. Traders can access the platform via WebICE, an internet-based service for exchange members that provides data such as: live market quotes, depth of market, portfolio creation and other key trading information. [2] [3]

In terms of its size by volume, ICE ranks as the world's fourth largest derivatives exchange with volume of 1.99 billion contracts traded in 2015, down 9.8 percent from 2.21 billion contracts in 2014, according to the Futures Industry Association annual volume survey published in March 2016. That volume is comprised of trading from ICE Futures Europe, ICE Futures US, ICE Futures Canada and ICE Futures Singapore, formerly the Singapore Mercantile Exchange on the futures side, and NYSE AMEX and NYSE Arca equity options volumes. [4]

As of December 31, 2015, ICE had 5,549 employees in its offices in Atlanta, New York, UK, Chicago and other locations around the world.

Of the the $3.1 billion in revenue generated in fiscal year in 2014, ICE's global derivatives business represented 53 percent of those revenues, 22 percent came from data services, 12 percent listings, 7 percent in US cash listings and 6 percent from other services.

The company also ranks among the leading exchanges in terms of market capitalization, from around $2 billion after its public offering in 2005 to $31.7 billion in July 2016.[5]

Background

Early Years

ICE's roots go back to the 1997 acquisition of the Continental Power Exchange (CPEX) by Jeffrey C. Sprecher.

With CPEX in poor financial health at the time, Sprecher purchased the company with a goal of building a trading platform for over-the-counter energy markets. The company's technology team then wanted to scrap everything it had been working on under CPEX's prior management and rebuild the system as an internet-based platform using software and coding from Oracle and Java. Sprecher approved the move and the system became the foundation for ICE's globally distributed, high-speed, high-capacity trading platform it uses today. It was a difficult period for the company. During the technology rebuild, the company lost every one of its customers and its staff of 30 had shrunk to just six people.[6]

In 1999, ICE faced another challenge as Enron was pushing its own electronic trading platform called EnronOnline with large energy companies. Meanwhile, Sprecher and CPEX vice president Charles Vice moved to partner with large Wall Street and energy firms. With the company struggling financially and battling a much larger competitor in Enron, Sprecher granted an 80 percent equity stake in the company in return for their commitment to trade on the platform. Companies such as Goldman Sachs, Morgan Stanley, British Petroleum, Shell and Total and others were among those early investors. [7][8]

In 2000, the company was renamed the IntercontinentalExchange, or ICE, with a goal of becoming the largest OTC energy market. When Enron collapsed under a massive fraud and accounting scandal in 2001, ICE was perfectly positioned to take on those customers and grow quickly through a series of acquisitions that helped it achieve its global ambitions.

In 2001, ICE made one of its earliest and arguably most significant acquisitions, the London-based International Petroleum Exchange, or IPE. That provided ICE with an entry into the futures exchange space with European energy futures. ICE shut down the IPE's trading floor and migrated all of the trading onto its electronic trading platform by 2005, making it the first fully electronic energy futures exchange.[9]

The move made ICE a direct competitor to the New York Mercantile Exchange. NYMEX then attempted to compete with ICE in Europe, opening a new floor-based exchange in Dublin in November 2004. But as electronic trading continued its rapid growth and acceptance in the financial markets, NYMEX's plan to lure London IPE floor traders and trading away was a complete failure. NYMEX's resistance to full-time electronic trading cost the exchange marketshare in crude oil trading to ICE, and eventually forced it to adopt the CME Group's trading platform, CME Globex in 2006, to compete. ICE later renamed the IPE as ICE Futures Europe, and has since expanded its product offering well beyond energies. NYMEX was bought by CME Group in 2008. [10]

Also, in 2002, ICE created ICE Data, a service that provides futures and OTC market data globally to end-users. That segment of its business would be massively expanded in subsequent acquisitions and today is called ICE Data Services.

ICE also partnered with the Chicago Climate Exchange, or CCX, hosting its emissions contracts in conjunction with CCX's subsidiary, the European Climate Exchange. ICE would later buy that exchange in 2010 and fold it into ICE Futures US and ICE Futures Europe.[11][12]

Going Public, Bidding on CBOT, and more Exchange and Clearing Acquisitions: 2005 to 2010

On November 16, 2005, ICE went public on the New York Stock Exchange. The IPO was priced at $26 per share for 16 million shares. The opening day share price valued the company at over $2 billion, and was up 50.9 percent on day one, closing at $39.25. [13][14][15]

The ICE IPO was part of a trend at the time of traditional member-owned and newer exchanges going through demutualization and then going public. The Chicago Mercantile Exchange went public in 2002 while the International Securities Exchange listed in March 2005, followed by the Chicago Board of Trade's IPO in October 2005, followed by the ICE public offering. On Sept. 25, 2007, ICE was added to the S&P 500 Index.

ICE made another key acquisition in January 2007, the New York Board of Trade for approximately $1 billion, which not only helped move ICE beyond energy products and into commodities such as coffee, sugar, cocoa, orange juice and currencies, but also brought them another critical piece of infrastructure, a US-based clearinghouse. ICE quickly moved to shutter the NYBOT trading floor, migrating those contracts onto its electronic trading platform and upgrading its clearing house to handle all ICE Futures US volume. [16] Having its own clearing house meant ICE would no longer depend on an outside clearing facility to handle clearing and settlement for US business, not to mention it provided new revenues for the company.

ICE was still considered a smaller player among established futures markets, but gained everyone's attention in March 2007, when it made an unsolicited $9.9 billion bid to buy the Chicago Board of Trade during the FIA Boca International Futures Industry Conference. CBOT then was in merger negotiations with the Chicago Mercantile Exchange. The bid topped the CME's offer of $8.9 billion for the CBOT, and threw the long-expected Chicago tie-up into question. CME eventually upped its bid for the CBOT, largely due to the competing counter-offers from ICE, closing the deal for $11.6 billion in July 2007.

Even though it lost that bid, ICE continued to push forward with new acquisitions, purchasing the Winnipeg Commodity Exchange in July 2007. The exchange, best known for its canola futures, was renamed ICE Futures Canada also included a Canadian regulated clearinghouse, which was renamed ICE Clear Canada.

The company made three more key acquisitions in 2008. In February 2008, ICE purchased YellowJacket Software, a peer-to-peer messaging platform used to trade on OTC options markets. This software, used extensively in the OTC trading space, was renamed ICE Chat.

In September 2008, ICE moved into the burgeoning credit derivatives space with the purchase of an interdealer market called Creditex for $625 million in cash and stock. That purchase, which provided ICE with the technology to handle trade execution and processing of credit default swaps in the US, Europe and Asia, would serve as one of the core pieces of ICE's credit derivatives business. ICE later sold off certain US Creditex voice brokerage services to Tullett Prebon in July 2016. [17][18][19]

In October 2008, ICE moved to bolster that business with a clearing house acquisition. ICE purchased The Clearing Corporation, formerly known as the Board of Trade Clearing Corporation, with the support of that clearing facility's main member firms: Bank of America, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Merrill Lynch, Morgan Stanley and UBS. The clearing house was then designated to serve as a comprehensive clearing facility for the CDS market. Initially the clearing house was called ICE Trust but later was renamed ICE Clear Credit and launched in March 2009 as the world's first credit default swap clearinghouse. It is regulated by the SEC and CFTC and is designated as a Systemically Important Financial Market Utility.[20] [21] [22]

In 2009, ICE launched its second credit default swap clearing house, ICE Clear Europe giving it an early lead in the global CDS clearing space. ICE Clear Europe operates in a dual and separate fashion. One one side of the clearinghouse, ICE Clear Europe's CDS clearing operations, launched in July 2009, serves its European CDS markets. On the other side, ICE Clear Europe, launched in 2008, handles all of its European futures trading ranging from energies to interest rate futures. [23][24] By September 2012, ICE had cleared more than 1 million CDS trades to date.

The creation of ICE Clear Europe was another critical piece of its global clearing strategy. Before launching its own European clearing house, it had used LCH.Clearnet to handle its European futures trades. It completed the transition of cleared trades from LCH.Clearnet to ICE Clear Europe in November 2008.

ICE's Biggest Deal NYSE Euronext: 2011 to 2013

With US, Canadian and European exchanges and clearinghouses in tact, ICE set its sights on its largest acquisition. In April 2011, ICE and Nasdaq OMX partnered to make an offer of $11.3 billion in stock and cash for NYSE Euronext, which operated the New York Stock Exchange, NYSE Arca, NYSE Arca Options, Amex options as well as the stock and derivatives markets in the Euronext group, which included Euronext LIFFE, one of the main futures markets for European interest rate futures. [25]

Under the proposed deal, ICE would have acquired NYSE Euronext's derivatives businesses and Nasdaq would have received Euronext's stock exchanges, the NYSE and its cash markets, the US options exchanges as well as Euronext's stock markets in Paris, Brussels, Amsterdam and Lisbon.

That offer and two subsequent offers were rejected by the NYSE Euronext board and the offer was finally dropped in May 2011, citing opposition to the deal from US antitrust regulators. It also opened the door to a prior bid in February 2011 from Deutsche Boerse for NYSE Euronext. But that bid also was killed by European Union anti-competition agencies in February 2012. [26] [27][28]

ICE came back with its own solo offer for NYSE Euronext in December 2012 for $8.2 billion. The combination stock and cash deal closed on November 13, 2013 for approximately $11 billion. Sprecher said "This is a game changing transaction," at the time as the deal provided ICE with new asset classes in stocks, equity options and additional European financial futures. The deal pushed ICE's market cap valuation to about $23 billion.

The big win for ICE in the deal was the LIFFE exchange (formerly the London International Financial Futures Exchange or NYSE LIFFE, the London-based futures market which offers key benchmark indexes, interest rate contracts and agriculture futures. Liffe futures were migrated over to ICE Futures Europe including: Sterling futures, Euribor futures and Long Gilt futures among others. It also acquired commodities such as cocoa, robusta coffee and sugar, giving ICE softs futures in both the US and Europe. It completed the migration in November 2014[29]

The new holding company formed in the acquisition retained ICE's ticker symbol and the enlarged entity is called ICE Group. [30] Sprecher remained chairman and CEO of the combined company; NYSE Euronext CEO Duncan Niederauer became the president of ICE but stepped down in May 2014.[31][32]

As part of the plan, ICE spun off Euronext in an initial public announced on June 19, 2014, with the stock trading the next day. Before the IPO, ICE sold a stake of 33.36 percent to a group that included Banco Espirito Santo SA, BNP Paribas SA (BNP), ABN Amro Group NV, Societe Generale SA (GLE) and Euroclear SA/NV, at a price of €19.20 per share. [33]

Other notable moves by ICE included taking a majority stake of 79.12 percent in APX Endex in September 2012, taking control of the Amsterdam-based company's Dutch gas and power derivatives business. It was renamed ICE Endex and is a joint initiative with Gasunie, a European gas infrastructure company. [34] [35]

ICE took steps to gain a foothold in Brazil with two investments. In April 2011, it announced a partnership to launch BRIX, a Brazilian market for electric power. BRIX launched in June 2011, using ICE's electronic trading platform. ICE also took a 12.4 percent of Cetip, Brazil's largest clearinghouse in July 14, 2011. Under the deal, ICE paid $512 million in cash, or R$25.50 for its shares in Cetip. That deal may provide ICE with a greater presence in the Latin American market.[36] [37]

ICE Moves Into Data: ICE Data Service Created

ICE looked to further diversify after the NYSE Euronext deal with a series of strategic investments, particularly in data services and technology, power and energy markets as well as in exchanges and clearing houses in Europe and Asia.

In October 2014, ICE purchased SuperDerivatives, a market data and analytics provider specializing in derivatives pricing models across all asset classes, risk analysis and cloud-based market technology, as well as a chat platform that is similar to competitors such as Bloomberg. The deal was priced at $350 million in cash.[38][39][40]

That was followed by another bold move in the data space in December 2015 with a $5.2 billion cash and stock acquisition of Interactive Data Holdings Corp., a subsidiary of Silver Lake and Warburg Pincus. The firm provides pricing data to more than 5,000 customers including many of the firms that use ICE's markets and services, such as asset managers, hedge funds, banks and insurance companies. [41][42] [43]

It complemented those services in March 2016, announcing the acquisition of two business data units from McGraw Hill Financial, Standard & Poor's Evaluations, a fixed income evaluation pricing service and Credit Market Analysis, a data provider for OTC markets.

All of these units and ICE's existing data services group were folded into one division that was renamed ICE Data Services in June 2016. The division offers data solutions for information, analytics and connectivity, as well as proprietary data and tools in fixed income, equities, commodities, FX and options. It offers real-time pricing, data from its 11 exchanges, desktops and tools and connectivity and hosting services.

More OTC and Clearing, plus Asia: 2013 to 2016

In the exchange and clearing space, ICE made three key acquisitions from 2013 to 2016, helping the company expand in European energies and clearing, as well as launching its first exchange in Asia.

ICE expanded into Asia with the purchase of the Singapore Mercantile Exchange and its clearing house SMX Clearing Corporation in November 2013 for $200 million. The exchange was essentially shut down, revamped and renamed ICE Futures Singapore, and was launched in November 2015 with five contracts in brent crude, gasoil, gold and Renminbi futures, cleared at the exchange's renamed clearinghouse ICE Clear Singapore. ICE Futures Singapore represents another step in the global expansion for ICE, and an effort to address more Asian clients. It also is the first exchange, among non-domestic markets such as CME Group and Eurex, to launch a Singapore-based exchange and is considered a challenger to the domestic market, Singapore Exchange, or SGX. [44]

ICE also completed a majority stake purchase in December 2014 of the Holland Clearing House, which is the central counterparty clearing facility for equity and index derivatives contracts listed on The Order Machine, or TOM in the Netherlands. The facility was renamed ICE Clear Netherlands in July 2015, as the sixth clearing house under the ICE Group umbrella and the first continental European clearing facility for ICE.[45] [46]

ICE completed another key acquisition in the European energy space in December 2015 with the purchase of Trayport, a London-based OTC energy market. ICE purchased the company from BGC Partners and GFI, a subsidiary of BGC, for approximately $650 million in ICE shares, and in the process, beat out competitor CME Group, which also had bid for Trayport. Trayport helped bolster ICE's strong position in European energy futures and OTC markets, as a key market used by many in the power, natural gas and coal trading space. [47] [48][49] [50]

ICE also launched a CFTC-registered swap execution facility (SEF), on October 2, 2013. The SEF was granted permanent registration status, along with 18 other SEFs, in January 2016. [51][52]


Company Overview: Exchanges, Clearing Houses, Technology, Data Services

.

Acquisitions & Transactions

  • January 2007: ICE acquired the New York Board of Trade for $1 billion, 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.
  • 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.
  • 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 instant messaging trading tool for the OTC markets. The technology was renamed ICE Chat.[70][71]
  • March 2009: ICE completed its acquisition of The Clearing Corporation and launched clearing services for CDS under ICE Trust using TCC’s technology and risk management frameworks. It was later rebranded as ICE Clear Credit.[74] [75]
  • 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.[77]
  • September 2012. ICE acquired WhenTech, a technology software firm focused on options valuation, analytics and risk management.[78]
  • March 2013: ICE acquired 79 percent of APX-Endex's derivatives and spot business, and renamed the company ICE Endex. It's contracts are traded on the ICE Trading Platform and cleared on ICE Clear Europe.
  • November 13, 2013: ICE acquired NYSE Euronext in a stock-and-cash transaction valued at approximately $11 billion.[79] The exchange had first announced plans to buy NYSE Euronext on December 20, 2012.[80] The terms of the deal called for $11.27 in cash and 0.1703 shares of ICE for each NYSE Euronext share.[81] [82] ICE spun off Euronext in an initial public offering announced on June 19, 2014, with the stock trading the next day. The shares were sold for 20 euros apiece in an 845 million euro ($1.2 billion) transaction. The stock trades in Paris, Amsterdam and Brussels under the “ENX” symbol.[83] All of the 42,248,881 offered Shares were sold in the IPO, representing 60.36% of the total issued ordinary share capital of the company.[84] [85] Before the IPO, ICE sold a stake of 33.36% to a group that included Banco Espirito Santo SA, BNP Paribas SA (BNP), ABN Amro Group NV, Societe Generale SA (GLE) and Euroclear SA/NV, at a price of €19.20 per share.[86] [87]
  • February 2014: ICE acquired the Singapore Mercantile Exchange, including its clearing house subsidiary, the SMX Clearing Corporation (SMXCC) in an all-cash transaction for $200 million. The exchange would be renamed ICE Futures Singapore and the clearing house, ICE Clear Singapore.[88] The deal, completed in February 2014 gave ICE a foothold in Asia and made it the first non-Asian exchange to own a clearing house there. [89][90]
  • August 2014: ICE acquired U.S. patent rights relating to automated trading strategies that make price and trading decisions based on market price information. Speaking on ICE’s Q2 earnings call, CEO Jeffrey Sprecher said the patents would allow the exchange group to more broadly protect its customers, and added that ICE was also developing its own licensing plan. The intellectual property rights cover multiple asset classes traded electronically on exchanges, including futures, options and cash equities.[92] [93]
  • October 7, 2014: ICE acquired SuperDerivatives, an Israeli financial technology group, for about $350m in cash, adding to ICE's clearing, risk management and market data strategy.[94] In addition to data and analytics, SuperDerivatives provides a chat platform similar to the one used on Bloomberg terminals. ICE had been looking to enter the high-tech information terminal space to compete with Bloomberg and other information providers. The acquisition also gives ICE access to the group’s DGX product, which allows traders to access live pricing and news and to analyze theoretical trades before they execute them.[95]
  • November 2014: ICE subsidiary NYSE acquired True Office, a compliance education company which provides information on compliance and governance risk compliance in an interactive format. [96]
  • December 3, 2014: ICE completed its strategic investment in the Holland Clearing House, a continental European derivatives clearing house, giving ICE a total of six clearing houses. ABN Amro Clearing retained a minority interest. Holland Clearing House (HCH) was renamed ICE Clear Netherlands and is the primary clearing house for the TOM multi-lateral trading facility.[97] [98]
  • July 2014: ICE sold the NYSE Technologies division, which offered transaction, data and infrastructure and managed services. ICE sold off NYFIX, Metabit and Wombat, the three companies that comprised NYSE Technologies. Wombat was sold to SR Labs while NYFIX and Metabit were sold to ULLINK.[99]
  • December 11, 2015: ICE acquired Trayport, an electronic energy trading platform, from BGC Partners and GFI for approximately $650 million, comprising approximately 2.5 million ICE common shares. BGC had acquired Trayport when it bought the company's parent, GFI Group, for $750 million. [100] [101]
  • December 14, 2015: ICE completed its acquisition of Interactive Data Corp. from Silver Lake and Warburg Pincus for $5.2 billion. The deal put ICE into the market for pricing and data on interest rate products and illiquid bonds.[102] Interactive Data is now a wholly-owned subsidiary of ICE.[103]
  • March 1, 2016: ICE announced the acquisition of two business data units from McGraw Hill Financial, Standard & Poor's Evaluations, a fixed income evaluation pricing service and Credit Market Analysis, a data provider for OTC markets.[104]

ICE Group Total Contract Volume

Year Total Annual Volume* Percent Change
2015 1,1998,810,416 (-)9.8%
2014 2,276,171,019 (-)11.0%
2013 2,558,489,589 * 439.9%
2012 473,895,526 24.4%
2011 381,097,787 15.9%
2010 328,946,083 24.8%
2009 263,582,881 --

*2013 volume reflects the acquisition of NYSE-Euronext

2015

Exchange Volume Percent Change
ICE Futures Europe 901,659,951 (-)3.4%
NYSE Amex 344,463,910 (-)27.3%
NYSE Arca 381,515,438 (-)13.1%
ICE Futures U.S. 365,433,350 0.3%
ICE Futures Canada 5,720,023 0.8%
Singapore Mercantile Exchange 17,744 1263.9%

ICE Futures, Options & OTC Products

Agricultural

Agricultural contracts traded include: US and UK-based softs contracts: ICE U.S. Coffee "C" Arabica, which is the world's largest coffee futures contract, Robusta Coffee, Cotton No. 2, World Cotton, Cocoa, , Frozen Concentrated Orange juice, ICE Sugar No. 11,ICE Sugar No. 16 and White Sugar.

ICE also offers grains including ICE Canola and several traditional agriculture contracts in corn, wheat and soybeans.

For a full list of energy products on the ICE website, click HERE

Credit

ICE offers Eris Exchange credit index derivatives as cash settled futures with $100,000 notional principal, whose value represents a basket of credit default protection on the entities in the index. These contracts are settled in the ICE Clear Credit clearing facility.

Energy, Emissions and Power

Nearly half of the world's global crude futures by volume is transacted on the ICE exchange. It currently offers futures and options contracts on coal, crude oil, refined products, electricity, emissions, liquified natural gas, natural gas, natural gas liquids and petrochemicals offered on its ICE Futures US, ICE Futures Europe, ICE Futures Singapore, ICE OTC platform, ICE Endex and Trayport markets.

For a full list of energy products on the ICE website, click HERE

Equity Derivatives

ICE offers equity index and single stock futures including contracts on FTSE indexes, MSCI indexes, Russell Indexes, single stock futures and options and ICE Block contracts.

For a full list of equity derivatives products on the ICE website, click HERE

FX

ICE's FX futures are best known for its ICE US Dollar Index. ICE also offers cross currency pairs, and US dollar and euro-based pairs.[105]

For a full list of FX products on the ICE website, click HERE

Freight

ICE offers a number of dry and wet freight futures contracts that cover major shipping routes around the world.

For a full list of freight products on the ICE website, click HERE

Interest Rates

ICE offers a number of short, medium and long interest rate futures, swap notes and Eris branded interest rate futures. Many of its interest rate futures were acquired in the 2013 purchase of NYSE Euronext, which included the London-based derivatives market then known as NYSE Liffe. Those well-traded products, such as the three-month short sterling futures, EURIBOR futures and Long Gilt Futures, were some of the benchmark contracts that were moved over to ICE Futures Europe.

For a full list of interest rate products on the ICE website, click HERE

Metals

ICE offers a slate of precious and ferrous metals contracts including gold, silver and iron ore.

For a full list of metals products on the ICE website, click HERE

US Environmental

ICE offers a number of regional emissions futures contracts for carbon markets in California, the Northeast's Regional Greenhouse Gas Initiative, Massachusetts, Connecticut and Renewable Energy Certificates for New Jersey.

For a full list of US environmental contracts on the ICE website, click HERE

OTC Markets

The ICE OTC markets include Credit Default Swaps, Creditex, ICE Swap Trade for bilateral energy contracts and physical energy contracts on the ICE OTC platform for North American natural gas, power and global crude and refined oil products.


Energy

ICE offers approximately 500 OTC energy contracts, with a large portion of the volume occurring in about 70 contracts in North American gas and power and global oil.

For a full list of Physical OTC energy contracts on the ICE website, click HERE

For a full list of OTC energy swaps contracts on the ICE website, click HERE

Credit ICE offers execution, processing for OTC credit derivatives through its Creditex and ICE Swap Trade, cleared through ICE Clear Europe and ICE Clear Credit. Such trades can be facilitated through ICE Link, an automated workflow and connectivity platform for affirming credit derivatives trades, or post-trade processing.

For a full list of OTC energy swaps contracts on the ICE website, click HERE

Key People

Corporate Governance

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

Annual Reports

References

  1. About Us. ICE.
  2. Architects of the world's markets. ICE.
  3. ICE Data. ICE.
  4. Architects of the world's markets. ICE.
  5. At a Glance. ICE.
  6. Edwin Marcial: No More Mr. ICE Guy. Waters Technology.
  7. "ICE Futures U.S. Board Approves Transition to Fully Electronic Trading for Futures". Reuters.com.
  8. Buying the NYSE In One Shot. New York Times.
  9. The InterContinental Exchange — the mouse that roared — takes on the Big Board. Platts.
  10. CME Group Inc. Completes Acquisition of NYMEX Holdings, Inc., Expands Its Diversified Product Offerings to Include Energy and Metals and Also Announces Preliminary Election Results. CME Group.
  11. Carbon Trading Exchanges Acquired by ICE. InvestorPlace.
  12. Intercontinental Exchange profit rises. MarketWatch.
  13. Our History. Wikinvest.
  14. ICE IPO glides right in on higher price. FOW.
  15. Futures Past. FOW.
  16. ICE 2006 Annual Report. ICE.
  17. Press Release. ICE.
  18. ICE Announced Management Changes in Creditex CDS Business. ICE.
  19. Intercontinental Exchange Announces Agreement for the Sale of the Voice Brokerage Operations of Creditex to Tullett Prebon. ICE.
  20. IntercontinentalExchange Completes Acquisition of Creditex Group Inc.. ICE.
  21. IntercontinentalExchange, The Clearing Corporation and Nine Major Dealers Announce New Developments in Global CDS Clearing Solution. ICE.
  22. IntercontinentalExchange, The Clear Credit. ICE.
  23. ICE Clear Europe Sets November 3 for Clearing Transition. ICE.
  24. Clearing the Way For European Credit Markets. ICE.
  25. NASDAQ OMX Group and IntercontinentalExchange Propose Superior Transaction to Acquire NYSE Euronext for $42.50 Per Share, 19% Premium to Deutsche Boerse Proposal. ICE.
  26. Nasdaq, ICE withdraw NYSE bid, cite regulators. Reuters.
  27. Deutsche Boerse owners back $9.7 billion NYSE merger. Reuters.
  28. Deutsche Boerse-NYSE Euronext Takeover Is Blocked by EU. Reuters.
  29. Intercontinental Exchange Completes First Phase of Liffe Transition to ICE Platform; Liffe US Interest Rates Successfully Transitioned. ICE.
  30. ICE Plans New Holding Company in NYSE Deal; To Keep Ticker Symbol. The Wall Street Journal.
  31. Intercontinental Exchange Announces Timeline for Completing Acquisition of NYSE Euronext. MarketWatch.
  32. NYSE CEO Niederauer Resigns. Wall Street Journal.
  33. ICE seals $10bn takeover with plan to float Euronext. The Financial Times.
  34. ICE seals $10bn takeover with plan to float Euronext. The Financial Times.
  35. ICE takes stake as Europe's APX-Endex exchange splits power, gas. Platts.
  36. and Brazilian Partnership Announce BRIX, Brazil's Electric Power Marketplace; June Launch Planned {{{name}}}. ICE.
  37. Intercontinental Exchange Announces Strategic Investment with 12.4% Stake in Cetip S.A., Brazil's Leading Clearing House. ICE.
  38. About. SuperDerivatives.
  39. ICE looks to crack financial data market. FT.
  40. ICE to Acquire SuperDerivatives for About $350 Million. WSJ.
  41. ICE to Acquire IDC for $5.2 Billion, Expanding in Data Services. Bloomberg.
  42. Intercontinental Exchange to Acquire Interactive Data Corporation from Silver Lake and Warburg Pincus in $5.2 Billion Cash and Stock Transaction. Press Release.
  43. Intercontinental Exchange completes acquisition of Interactive Data Corporation. Press Release.
  44. ICE Futures Singapore Launches with Commodity and FX Contracts Serving Asian Markets. Press Release.
  45. Intercontinental Exchange Completed Purchase of Holland Clearing House. Intercontinental Exchange.
  46. Holland Clearing House Renamed ICE Clear Netherlands. Intercontinental Exchange.
  47. ICE beats Chicago rival with deal for energy platform. FT.
  48. ICE Agrees to Acquire BGC's Trayport for $650 Million. Reuters.
  49. Intercontinental Exchange Completes Acquisition of Trayport. Intercontinental Exchange.
  50. ICE Buys Trayport for European OTC Energy Market Exposure. Nasdaq.
  51. Intercontinental Exchange Successfully Launches ICE Swap Trade. Intercontinental Exchange.
  52. CFTC Approves Registration to 18 Swap Execution Facilities. Katten Muchin Rosemann.
  53. "ICE makes some moves to Chicago”. charlotte.bizjournals.com/.
  54. A History of Transparent Markets. ICE.
  55. ICE Futures Singapore Launches with Commodity and FX Contracts Serving Asian Markets. Press Release.
  56. ICE seals $10bn takeover with plan to float Euronext. The Financial Times.
  57. ICE takes stake as Europe's APX-Endex exchange splits power, gas. Platts.
  58. NYSE Plunges Into Bonds. Forbes.
  59. NYSE Amex Options. NYSE Alternext U.S..
  60. About Creditex. ICE.
  61. SEC Form 10-K for December 2013. IDG.
  62. The Futures of Data. ICE.
  63. SEC Form 10-K for December 2013. IDG.
  64. ICE Quarterly Results Q4 2015 (page 16). ICE Form 10-K.
  65. Trade Vault. ICE.
  66. ICE Link. ICE.
  67. ICE pledges to implement market-based swaps benchmark. The Trade News.
  68. Press Release. WCE.
  69. ICE to buy Winnipeg exchange for C$40 mln. Reuters.
  70. Press Release. Intercontinental Exchange.
  71. ICE Chat. Intercontinental Exchange.
  72. Press Release. ICE.
  73. ICE Clear Europe. Intercontinental Exchange.
  74. Press Release. ICE.
  75. ICE in takeover of Clearing Corporation. Financical Times.
  76. ICE buys Climate Exchange for 395 mln stg. Reuters.
  77. Intercontinental Exchange Announces Strategic Investment with 12.4% Stake in Cetip S.A., Brazil's Leading Clearing House. ICE.
  78. Intercontinental Exchange Acquires WhenTech. ICE.
  79. Exchange-Completes-Acquisition-of-NYSE-Euronext/default.aspx Intercontinental Exchange Completes Acquisition of NYSE Euronext. ICE.
  80. ICE to Buy NYSE for $8.2 Billion, Ending Era of Independence. CNBC.
  81. Ten Questions Raised by ICE-NYSE Merger. Wall Street Journal.
  82. Intercontinental Exchange to Acquire NYSE Euronext For $33.12 Per Share in Stock and Cash, Creating Premier Global Market Operator. NYSE Euronext.
  83. Euronext Detaches From ICE Through $1.2 Billion IPO. Bloomberg.
  84. Euronext IPO priced at €20 per share. ICE.
  85. Intercontinental Exchange to Spin Off Euronext. The New York Times.
  86. ICE Plans Euronext IPO Before Summer After Partial Sale. Bloomberg.
  87. 8 core investors back Euronext listing. Business World.
  88. Exchange-to-Acquire-Singapore-Mercantile-Exchange-Broadens-Exchange-and-Clearing-Operations-to-Asian-Markets-and-Customers/default.aspx Intercontinental Exchange to Acquire Singapore Mercantile Exchange; Broadens Exchange and Clearing Operations to Asian Markets and Customers. ICE.
  89. ICE secures foothold in growing Asian derivatives market. The Financial Times.
  90. ICE completes acquisition of Singapore Mercantile Exchange. Finextra.
  91. Report: ICE Buys Algo Technologies to Speed Up New York Stock Exchange. FOX News.
  92. ICE patents automated trading technology. The Trade News.
  93. Intercontinental Exchange Acquires Trading Technology Patents. The Wall Street Journal.
  94. Intercontinental Exchange Completes Acquisition of SuperDerivatives. ICE.
  95. ICE looks to crack financial data market. The Financial Times.
  96. NYSE Acquires True Office, Developer of Interactive Game-Style Training. Forbes.
  97. Intercontinental Exchange to Acquire Majority Stake in Holland Clearing House. ICE.
  98. Intercontinental Exchange Completes Acquisition of Majority Stake in Holland Clearing House. ICE.
  99. Intercontinental Exchange Completes Sale of Wombat Financial Software to SR Labs. Intercontinental Exchange.
  100. Intercontinental Exchange Completes Acquisition of Trayport. ICE.
  101. ICE beats CME to Trayport with $650m deal. The Financial Times.
  102. ICE to Acquire IDC for $5.2 Billion, Expanding in Data Services. Bloomberg.
  103. Intercontinental Exchange completes acquisition of Interactive Data Corporation. ICE.
  104. Intercontinental Exchange buying 2 smaller S&P market data units. CNBC.
  105. Press Release. ICE.

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