ATLANTA, Jan. 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 volumes and OTC energy commissions
for 2009. Each of ICE's futures exchanges established annual volume
records in 2009, with average daily volume (ADV) surpassing one
million contracts for the first time. ICE also established record
OTC energy average daily commissions (ADC) of $1.33 million in the
fourth quarter of 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20090727/CL51999LOGO ) Said ICE
Chairman and CEO, Jeffrey C. Sprecher: "ICE's performance as a
leading growth company in our sector, coupled with the development
of key clearing capabilities in the global OTC markets, allowed us
to once again deliver double-digit volume growth while providing
our markets with tools to enhance risk management. ICE's leadership
role as a global clearing provider is helping to support the
recovery of vital OTC markets and reduce systemic risk." Global
Futures Exchanges ICE operates three regulated futures exchanges:
ICE Futures Europe, ICE Futures U.S. and ICE Futures Canada. --
December 2009 ADV across all three ICE Futures exchanges increased
17% over December 2008, to a record 988,212 contracts. -- Fourth
quarter 2009 ADV for all ICE Futures contracts increased 13% over
fourth quarter 2008, to a record 1,048,501 contracts. ICE Futures
Europe established its second consecutive ADV and total volume
quarterly records, with 688,598 and 44,070,252 contracts,
respectively. -- ADV for the full year 2009 for all ICE Futures
contracts was a record 1,035,887 contracts, 12% higher than 2008.
ICE Futures Europe and ICE Futures U.S. established their twelfth
and seventh consecutive annual volume records, respectively. ICE
Futures Canada also established a new annual volume record. Energy
and Credit OTC Transaction Revenues -- Fourth quarter ADC for ICE's
OTC energy business were a record $1.33 million, up 53% from the
fourth quarter of 2008. -- ADC for 2009 was $1.20 million, an
increase of 8% from 2008. -- ICE's credit default swap (CDS) trade
execution, processing and clearing revenues totaled $40.5 million
during the fourth quarter of 2009, up 14% from the same period in
2008 on a pro-forma basis. ICE did not offer CDS clearing in 2008.
-- CDS revenues totaled $165.4 million for the full year 2009.
Operating and Financial Guidance Update -- During the fourth
quarter of 2009, ICE expects to record an incremental $11 million
in non-operating income related to adjustments to various cost
equity method investments, including the disposition of its
LCH.Clearnet shares. In addition to its GAAP reporting, ICE will
report fourth quarter and full year non-GAAP EPS which exclude
these items. -- During the fourth quarter of 2009, ICE expects to
record $3 million in additional SG&A expense related to a one
time true-up of certain state tax items. ICE will report fourth
quarter and full year non-GAAP EPS which exclude these items. --
During the fourth quarter of 2009, ICE expects to incur $4 million
in severance charges related to its TCC and credit businesses,
which will be recorded as non-cash ($2 million) and cash ($2
million) compensation expense. The company expects a similar level
of savings on an annualized basis beginning in 2010. ICE will
report fourth quarter and full year non-GAAP EPS which exclude
these items. -- Due to outperformance relative to 2009 financial
targets, ICE expects to incur additional cash compensation expense
of $3 million and additional non-cash compensation expense of $3
million during the fourth quarter of 2009. The company's
performance during the historically and seasonally weak fourth
quarter was much stronger than anticipated, resulting in increased
bonus payments to all employees due to further outperformance
versus its 2009 financial targets. The impact on compensation
expense reflects a full-year true-up and is not reflective of
expected quarterly run-rate expense levels. For 2010, non-cash
compensation expense is expected to be below 2009 levels and in the
range of $45 million to $49 million, assuming achievement of 2010
financial objectives. December 2009 Review -- Through December 31,
ICE's CDS clearing houses have cleared $4.6 trillion in notional
value across 56,259 transactions. -- Since its inception in March
2009, ICE Trust has cleared $3.3 trillion of notional value,
resulting in $232 billion of open interest. -- ICE Clear Europe has
cleared euro 885 billion ($1.3 trillion) of notional value since
its July 2009 launch, resulting in euro 75 billion ($107 billion)
of open interest. -- On December 14, ICE Clear Europe launched
clearing services for European single-name CDS contracts. Through
December 31, ICE Clear Europe cleared 100 single- name transactions
totaling euro 566 million ($829 million) of gross notional value,
with open interest of euro 184 million ($265 million). ICE Clear
Europe also announced that BNP Paribas and Nomura were approved as
CDS clearing members and began clearing transactions. -- On
December 21, ICE Trust began clearing North American single-name
CDS contracts. Through December 31, ICE Trust cleared 150
single-name transactions totaling $1.3 billion of gross notional
value, with open interest of $500 million. ICE Trust is the only
clearing house processing single-name CDS in North America. -- On
December 23, ICE announced the introduction of 23 new cleared OTC
natural gas and power contracts. ICE will offer more than 310
cleared OTC energy contracts, including 226 new OTC contracts
introduced since the launch of ICE Clear Europe in November 2008.
-- Trading days in December 2009: -- ICE Futures Europe: 22 -- ICE
Futures U.S.: 22 -- ICE Futures Canada: 21 -- ICE Futures Europe
records achieved in December 2009: -- The exchange set a daily
volume record of 1,249,239 contracts on December 9. -- The ICE
Brent and ICE WTI crude futures contracts established daily volume
records of 581,685 contracts and 409,727 contracts, respectively,
on December 9. -- Open interest records were established for
several emissions and coal futures contracts. -- ICE Futures U.S.
records achieved in December 2009: -- The U.S. Dollar Index (USDX)
established a monthly volume record of 509,385 contracts, including
a daily record of 74,562 contracts on December 9. ICE Futures
Contracts & Markets Monthly ADV ADV ADV ADV December December %
Change Product Line 2009 2008 ------------ -------- --------
-------- ICE Brent Crude futures & options 287,668 232,916 23.5
ICE WTI Crude futures & options 188,303 152,474 23.5 ICE Gasoil
futures & options 135,623 114,313 18.6 ICE ECX emissions
futures & options (1) 16,976 8,616 97.0 Other futures contracts
(2) 11,404 6,119 86.4 TOTAL ICE FUTURES EUROPE 639,974 514,438 24.4
Russell 2000(R) mini futures & options 132,607 183,179 -27.6
Sugar No. 11 futures & options 117,096 78,176 49.8 Other
agricultural commodity contracts (3) 48,823 42,630 14.5 Currency
futures (4) 5,836 4,800 21.6 Index futures (5) 25,437 9,781 160.1
Other contracts (6) 215 320 -32.8 TOTAL ICE FUTURES U.S. 330,014
318,887 3.5 TOTAL ICE FUTURES CANADA 18,224 12,964 40.6
------------------------ -------- -------- -------- TOTAL FUTURES
CONTRACTS 988,212 846,289 16.8% (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 foreign exchange futures. (5) "Index
futures" include futures for the U.S. Dollar Index, Russell 2000
(full size), Russell 1000®, 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
Fourth Quarter 2009 and Year-to-Date ADV 4Q2009 4Q2008 Percent
Change ------ ------ -------------- ICE Futures Europe 688,598
569,140 21.0 ICE Futures U.S. 344,249 350,695 -1.8 ICE Futures
Canada 15,654 11,625 34.7 Total Futures 1,048,501 931,460 12.6%
12-mos 2009 12-mos 2008 Percent Change ----------- -----------
-------------- ICE Futures Europe 652,463 590,541 10.5 ICE Futures
U.S. 369,147 318,085 16.1 ICE Futures Canada 14,277 13,232 7.9
Total Futures 1,035,887 921,858 12.4% ICE Futures Monthly,
Quarterly and Year-to-Date Volume December 2009 December 2008
Percent Change ------------- ------------- -------------- ICE
Futures Europe 14,079,436 11,317,644 24.4 ICE Futures U.S.
7,260,309 7,015,503 3.5 ICE Futures Canada 382,710 272,250 40.6
Total Futures 21,722,455 18,605,397 16.8% 4Q2009 4Q2008 Percent
Change ------ ------ -------------- ICE Futures Europe 44,070,252
36,994,078 19.1 ICE Futures U.S. 22,031,931 22,644,449 -2.7 ICE
Futures Canada 970,569 720,767 34.7 Total Futures 67,072,752
60,359,294 11.1% 12-mos 2009 12-mos 2008 Percent Change -----------
----------- -------------- ICE Futures Europe 165,725,488
152,950,133 8.4 ICE Futures U.S. 93,025,024 80,954,837 14.9 ICE
Futures Canada 3,569,346 3,321,210 7.5 Total Futures 262,319,858
237,226,180 10.6% ICE Futures Open Interest December 31, 2009
December 31, 2008 ----------------- ----------------- ICE Futures
Europe 2,647,694 2,102,574 ICE Futures U.S. 3,375,176 3,028,877 ICE
Futures Canada 118,181 97,673 Rolling Three-Month Average Rate per
Contract (RPC) Three Months Three Months Three Months Ending Ending
Ending December 2009 November 2009 October 2009 -------------
------------- ------------ Product Line ------------ ICE Futures
Europe $1.54 $1.54 $1.52 ICE Futures U.S. Ag $2.10 $2.10 $2.05 ICE
Futures U.S. Fin $0.86 $0.85 $0.86 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 4Q2009 3Q2009 2Q2009 ------ ------ ------ OTC
Energy ADC $1.33 million $1.25 million $1.13 million CDS Execution
& Clearing $40.5 million $43.1 million $44.4 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 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. http://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, 2008, as filed with the SEC on
February 11, 2009.
http://www.newscom.com/cgi-bin/prnh/20090727/CL51999LOGODATASOURCE:
IntercontinentalExchange CONTACT: Kelly Loeffler, VP, Investor
Relations & Corp. Communications, IntercontinentalExchange,
+1-770-857-4726, , or Sarah Stashak, Director, Investor &
Public Relations, IntercontinentalExchange, +1-770-857-0340, Web
Site: http://www.theice.com/
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