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Intercontinental Exchange Reports ICE and NYSE Volume for September and Third Quarter 2014

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Intercontinental Exchange, Inc. (NYSE:ICE) , the leading global network of exchanges and clearing houses, today reported exchange traded volumes.

For September and the third quarter of 2014, futures and options average daily volume (ADV) decreased 6% and 13%, respectively, compared to prior year periods.

  • Commodity ADV declined 6% year to year in September, with energy ADV down 7%, partially offset by Other Oil and Other Ags ADV, which both increased 15% year to year.
  • Financials ADV decreased 5% over the prior September due to continued low volatility in European interest rates. This was partially offset by medium and long-term interest rates and equity derivatives ADV, which increased 19% and 24%, respectively.
  • NYSE’s U.S. cash equities ADV declined 1%, while U.S. equity options ADV increased 1%, over the prior September.
  • U.S. cash equities market share was 23.7% and U.S. options market share was 23.1% for the month.

ICE Futures & Options ADV (contracts in 000s)

ADV Sep ADV Sep Change ADV YTD ADV YTD Change
2014 2013 y/y Sep ’14 Sep ’13 y/y
COMMODITIES
Energy
Brent 704 715 -2% 667 689 -3%
Gasoil 208 279 -26% 213 269 -21%
Other Oil (1) 287 250 15% 266 259 3%
TOTAL OIL 1,199 1,244 -4% 1,147 1,217 -6%
Natural Gas (2) 884 988 -11% 890 1,201 -26%
Power (3) 111 124 -10% 113 130 -13%
Emissions & Other (4) 38 43 -13% 41 41 0%
TOTAL ENERGY 2,232 2,399 -7% 2,190 2,589 -15%
Agricultural
Sugar (5) 209 225 -7% 162 157 3%
Other Ags & Metals (6) 157 137 15% 177 179 -1%
TOTAL AGRICULTURAL & METALS 366 363 1% 340 336 1%
TOTAL COMMODITIES 2,598 2,762 -6% 2,530 2,925 -13%
FINANCIALS
Interest Rates
Short-term Interest Rates (7) 1,532 1,889 -19% 1,574 2,222 -29%
Medium & Long-term Interest Rates (8) 177 149 19% 174 180 -3%
TOTAL INTEREST RATES 1,709 2,038 -16% 1,748 2,402 -27%
TOTAL EQUITY DERIVATIVES (9) 896 723 24% 958 1,013 -5%
TOTAL FX (10) 50 37 37% 27 40 -32%
TOTAL FINANCIALS 2,656 2,797 -5% 2,734 3,455 -21%
TOTAL FUTURES & OPTIONS 5,254 5,560 -6% 5,264 6,379 -17%

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 emissions contracts, freight, coal, iron ore and uranium.
(5) “Sugar” includes Sugar No. 11, Sugar No. 16 and White Sugar.
(6) “Other Ags & Metals” includes Cocoa ($), Cocoa (lb),Coffee “C”, Robusta Coffee, Cotton No. 2, Orange Juice, Corn, Feed Wheat, Soybeans, Barley, Canola, Mini Gold and Mini Silver contracts.
(7) “Short-term Interest Rates” includes Euribor, Sterling, Swiss, Eonia, Eurodollar, Short Gilt, European Government Bonds and DTCC GCF Repo contracts.
(8) “Medium & Long-Term Rates” includes Gilt, Swapnotes, Japanese Government Bonds, European Government Bonds, Treasuries and U.S. Government Bonds 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(R), Russell 1000(R) and 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

  • For 2014, adjusted earnings from continuing operations for the first half should be used when calculating full year 2014 EPS. Adjusted earnings from continuing operations for the first half of 2014 of $4.38 can be found on page 51 of ICE’s June 30, 2014 Quarterly Report on Form 10-Q (and also in our 2Q14 Income Statement Summary here). Actual GAAP EPS from continuing operations was $4.03 for the first half of 2014.
  • Daily volume reporting for Liffe futures contracts will transition to ICE volume and open interest reports (Daily, MTD & YTD report) in Report Center as the contracts transition to ICE Futures Europe.
  • Aggregate daily North American natural gas and power, and global oil volumes are now included in this report.
  • Daily volumes for NYSE U.S. equity and U.S. equity options are now available on our website. The guide to tracking daily volume can be found on the Supplemental Volume Information page in the Investor section of the website.
  • ICE’s third quarter earnings results are scheduled to be announced pre-market on Tuesday, November 4.

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

Three Months Three Months Three Months
Futures & Options Ending Ending Ending
Products Sep 2014 Aug 2014 July 2014
Energy $1.35 $1.36 $1.36
Agricultural & Metals $2.53 $2.50 $2.44
Total Commodities $1.49 $1.50 $1.50
Interest Rates $0.67 $0.68 $0.66
Total Financials $0.63 $0.62 $0.59

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

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

Sep 30, 2014 Dec 31, 2013
Energy 38,332 41,470
Agricultural & Metals 3,485 3,372
Total Commodities 41,817 44,842
Interest Rates 18,137 18,101
Total Financials 34,540 30,385

ICE Futures & Options Monthly and YTD Volume (contracts in 000s)

Vol % YTD YTD Vol %
Futures & Options Products Sep-14 Sep-13 Change Sep ’14 Sep ’13 Change
Commodities 54,551 55,290 -1% 475,614 550,025 -14%
Financials 57,757 58,498 -1% 523,107 662,451 -21%
TOTAL CONTRACTS 112,309 113,788 -1% 998,721 1,212,476 -18%

ICE Futures & Options Third Quarter 2014 ADV and Volume (contracts in 000s)

Vol % 3Q14 3Q13 Vol %
Futures & Options Products 3Q14 ADV 3Q13 ADV Change Volume Volume Change
Commodities 2,420 2,612 -7% 154,866 167,257 -7%
Financials 2,212 2,738 -19% 145,109 180,332 -20%
TOTAL CONTRACTS 4,632 5,350 -13% 299,975 347,589 -14%

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

ADV Sep ADV Sep Change ADV YTD ADV YTD Change
2014 2013 y/y Sep ’14 Sep ’13 y/y
NYSE Equity Options(1) 3,664 3,641 1% 3,585 4,036 -11%
Total U.S. Options Volume 15,886 14,292 11% 15,001 14,826 1%
NYSE Share of Group Total 23.1% 25.5% -2.4pts 23.9% 27.2% -3.3pts

(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 Three Months Three Months
Ending Ending Ending
Sep 2014 Aug 2014 July 2014
US Equity Options $0.16 $0.16 $0.15

U.S. Cash Products (shares in millions)

ADV Sep ADV Sep Change ADV YTD ADV YTD Change
2014 2013 y/y Sep ’14 Sep ’13 y/y
NYSE Listed (Tape A) Issues
Handled Volume (1) 1,053 1,085 -3% 1,016 1,092 -7%
Matched Volume(2) 1,033 1,051 -2% 993 1,053 -6%
Total NYSE Listed Consolidated Volume 3,226 3,361 -4% 3,268 3,442 -5%
Share of Total Matched Consolidated Volume 32.0% 31.3% 0.7pts 30.4% 30.6% -0.2pts
NYSE Arca, MKT and Regional (Tape B) Listed Issues
Handled Volume (1) 250 262 -5% 235 251 -6%
Matched Volume(2) 236 243 -3% 222 231 -4%
Total NYSE Arca and MKT Listed Consolidated Volume 1,010 1,067 -5% 1,015 1,091 -7%
Share of Total Matched Consolidated Volume 23.4% 22.8% 0.6pts 21.9% 21.2% 0.7pts
Nasdaq Listed (Tape C) Issues
Handled Volume (1) 199 167 19% 200 184 8%
Matched Volume(2) 184 148 25% 184 165 12%
Total Nasdaq Listed Consolidated Volume 1,889 1,764 7% 1,964 1,743 13%
Share of Total Matched Consolidated Volume 9.7% 8.4% 1.4pts 9.4% 9.4% -0.1pts
TOTAL U.S. Cash Market Share Matched 23.7% 23.3% 0.4pts 22.4% 23.1% -0.7pts
TOTAL ADV U.S. Cash Shares Handled 1,502 1,514 -1% 1,451 1,528 -5%
(1) “Handled Volume” represents the total number of shares of equity securities, exchange traded funds (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 Three Months Three Months
Ending Ending Ending
Sep 2014 Aug 2014 July 2014
U.S. Cash Products $0.048 $0.048 $0.050

Credit Default Swaps (CDS) Transaction and Clearing

  • Third quarter 2014 revenues from ICE’s credit default swap (CDS) trade execution, processing and clearing businesses totaled $37 million, compared to $38 million in the prior third quarter, and included $23 million in clearing revenues, compared to clearing revenues of $22 million in the third quarter of 2013.
  • Through September 30, ICE has cleared $57 trillion in gross notional value of CDS on a cumulative basis across 2.0 million trades with open interest of $1.6 trillion. Buy-side clearing of CDS totaled $8.7 trillion since the launch of client clearing at ICE Clear Credit in December of 2009. ICE lists nearly 500 CDS instruments for clearing. A complete summary of CDS clearing can be found at: https://www.theice.com/clear_credit.jhtml

September 2014 Review

  • Consecutive daily volume records were established in the mini MSCI Emerging Markets Index futures contracts of 190,595 and 227,717 contracts, respectively. Daily volume records were also set in the mini MSCI Index futures complex, mini MSCI EAFE Index futures, mini MSCI Europe Index futures, Russell 1000 Value Index mini futures and Cocoa options contracts.
  • Total monthly and average daily volume records were established in Brent options, Gasoil options, Coal Newcastle options, mini MSCI Index futures complex, mini MSCI Emerging Markets Index futures, mini MSCI EAFE Index futures and mini MSCI Europe Index futures.
  • Open interest records were established in the Brent options, Heating Oil options, ECX EUAA futures, Newcastle Coal futures and options, FTSE 100 Equal Weighted TR Index futures, MSCI USA Equal Weighted NTR USD Index futures, the mini MSCI Index futures complex, mini MSCI Emerging Markets Index futures, mini MSCI EAFE Index futures, mini MSCI Europe Index futures, US Dollar Index futures and Rotterdam Coal and Richards Bay Coal options contracts.
  • 30 new energy futures and options contracts were introduced by ICE Futures.
  • ICE completed first phase of the Liffe Transition to ICE Futures Europe; London soft commodities are now on the ICE platform alongside ICE Futures U.S. softs contracts.
  • On September 19, Alibaba Group Holding Ltd. listed on the NYSE in what was the largest ever U.S. initial public offering.
  • ICE completed the sale of NYFIX and Metabit to ULLINK.
  • ICE Trade Vault, a Canadian Trade Repository to serve the commodity, credit and foreign exchange asset classes, was approved by Ontario Securities Commission.
  • ICE announced it will acquire SuperDerivatives, a leading provider of risk management analytics, financial market data and valuation services, to support the company’s expansion of data and clearing.
  • ICE announced it will acquire a majority stake in the Holland Clearing House, which will be ICE’s first clearing house in Continental Europe.
  • ICE Futures U.S. updated its mini gold futures and options contract to allow delivery in a single kilo-sized bar.

Trading days in September 2014:

  • Interest Rates, Single Stock Equity Derivatives: 22
  • Commodities, Other Financials: 21
  • US Cash Equities, US Equity Options: 21

ICE closed the acquisition of NYSE on November 13, 2013. For comparison purposes NYSE volumes are included for all periods covered.

About Intercontinental Exchange

Intercontinental Exchange (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 and Liffe.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE, New York Stock Exchange and LIFFE. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at www.intercontinentalexchange.com/terms-of-use.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE’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, 2013, as filed with the SEC on February 14, 2014.

SOURCE: Intercontinental Exchange

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