ICE Reports Record Futures Volume, 27% Increase in ADV for September; OTC Commissions of $1.36MM; $12.1 Trillion Cleared in CDS

ATLANTA, Oct. 4 /PRNewswire-FirstCall/ -- IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported strong futures volume and OTC average daily commissions (ADC) for the third quarter of 2010, including record futures volume and average daily volume (ADV) for the month of September 2010.

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Global Futures Exchanges

ICE operates four regulated futures exchanges: ICE Futures Europe, ICE Futures U.S., ICE Futures Canada and the Chicago Climate Futures Exchange (CCFE).

• September ADV across all ICE futures exchanges was a record 1,483,540 contracts, up 27% from September 2009. ADV at ICE Futures U.S. grew 12% from the previous September to a record 508,290 contracts. ADV at ICE Futures Europe increased 36% to 955,277 contracts, and ADV at ICE Futures Canada increased 31% to 18,513 contracts. Monthly total futures volume surpassed 30 million contracts for the first time, with volume at ICE Futures Europe crossing 20 million contracts for the first time.
• Third quarter 2010 ADV for all ICE futures contracts was 1,275,971 contracts, an increase of 20% from the third quarter of 2009. ADV at ICE Futures Europe grew 24% to 836,396 contracts and ICE Futures U.S. grew 13% to 424,274 contracts.
• ADV for the nine months of 2010 for all ICE futures contracts was 1,320,687 contracts, up 28% over the same period of 2009.

Energy and Credit OTC Transaction Revenues

• Third quarter 2010 ADC for ICE's OTC energy business were $1.36 million, up 9% from the third quarter of 2009.
• Third quarter revenues from ICE's credit default swap (CDS) trade execution, processing and clearing operations totaled $42 million, compared to $43 million in the third quarter of 2009. Third quarter CDS clearing revenues were approximately $18 million compared to $13 million in the third quarter of 2009.

Operating and Financial Guidance Update

• Based on reduced revenue levels at Creditex, coupled with increased operational efficiencies, ICE now expects its third and fourth quarter compensation expense to be roughly $3 million to $4 million per quarter below prior guidance.
• As previously stated, ICE anticipates a $5 million charge associated with staff reductions following the acquisition of Climate Exchange. These charges will be excluded from adjusted earnings. Also as previously stated, ICE anticipates acquisition-related transaction costs relating to the Climate Exchange acquisition of $7 million in the third quarter of 2010, which will also be excluded from adjusted earnings.
• For the third quarter of 2010, ICE anticipates share count in the range of 74.0 to 74.6 million fully diluted shares as a result of the company’s repurchase of around $90 million, or approximately 937,000 shares, of its outstanding common stock during the quarter.

September 2010 Review

• ICE Futures Europe records achieved in September:
  • The exchange established monthly volume and open interest records of 20,060,814 and 3,552,366 contracts, respectively.
  • The ICE Gasoil futures contract established a monthly ADV record of 242,296 contracts.
  • The exchange also established open interest records for gasoil futures, emissions futures and options, and WTI options.
• ICE Link launched Novation Consent = Confirmation (C=C) for the credit default swap (CDS) markets in advance of the commitment date to regulators.
• Buy-side CDS clearing at ICE Trust crossed $3 billion in gross notional value.
• ICE Trust and ICE Clear Europe reached $12 trillion in gross notional value in CDS clearing. ICE Clear Europe also announced that UniCredit Bank AG became its 15th CDS clearing member.
• Through September 24, ICE's CDS clearing houses have cleared $12.1 trillion in gross notional value on a cumulative basis across 308,297 transactions. ICE currently lists 258 CDS contracts for clearing.
  • ICE Trust U.S. (ICE Trust) has cleared $7.4 trillion of gross notional value since inception, including $467 billion in single-name CDS, resulting in open interest of $497 billion. ICE Trust offers clearing for 38 indexes and 89 single-name instruments.
  • ICE Clear Europe has cleared euro 3.5 trillion ($4.7 trillion) of gross notional value since inception, including euro 541 billion ($710 billion) in single-name CDS, resulting in euro 441 billion ($601 billion) of open interest. ICE Clear Europe offers clearing for 30 indexes and 101 single-name instruments.
• Trading days in September 2010:
  • ICE Futures Europe: 21
  • ICE Futures U.S.: 21
  • ICE Futures Canada: 21
  • Chicago Climate Futures Exchange: 21

Prior-year amounts do not include CCFE volume and percentage change does not include CCFE prior-year volume.

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

Historical futures volume, rate per contract 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. 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, U.S. Dollar Index, European Climate Exchange (ECX) and Chicago Climate Futures Exchange (CCFE). 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, 2009, as filed with the SEC on February 10, 2010.

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SOURCE IntercontinentalExchange