On Monday, Intercontinental Exchange, Inc. (ICE) launched 40 new over-the-counter (OTC) energy contracts for North American natural gas, power, natural gas liquids and global oil products. Trading of the above contracts is scheduled to begin on Dec 7, 2009.
The new cleared oil contracts include a differential calendar swap contract and a differential trade-month swap contract based on the Argus Sour Crude Index (ASCI). The two ASCI swap contracts will be available from Nov 13.
These contracts will provide a set of complementary risk-management tools to the marketplace. Including these new products, the company now offers a total of 280 cleared OTC energy contracts, including nearly 190 new OTC contracts since the launch of ICE Clear Europe in Nov 2008. The transatlantic exchange, which operates in over 50 countries, is headquartered in Atlanta , with offices in New York , London , Chicago , Winnipeg , Calgary , Houston and Singapore .
The company operates leading regulated exchanges, trading platforms and clearing houses serving the global markets for agricultural, credit, currency, emissions, energy and equity index markets. Intercontinental Exchange, Inc. reported its third quarter results on Nov 4. The company swung to a GAAP net income of $86.9 million or $1.18 per share from a net income of $75 million or $1.04 in the year-ago period.
Results came in 3 cents ahead of the Zacks Consensus Estimate of $1.15. The quarterly results benefited from position limitations on speculators, sweeping regulatory reforms, lower expenses and record futures trading. The upside was also attributable to growth in the company’s core businesses, significant progress from new initiatives and stronger margins.
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