Intercontinental Exchange, Inc. (ICE) has released its trading volume and revenue statistics for September 2023. These figures reflect ICE's strong performance in various sectors, particularly in energy and soft commodities markets.
Impressive Year-on-Year Increases in Total ADV and OI
Ben Jackson, the President of ICE, highlighted the company's robust growth in trading volumes and open interest, with a notable focus on the energy sector. He attributed this success to ICE's global energy benchmarks and the integration of Midland WTI into the Brent basket. Additionally, ICE's soft commodities markets have seen strong trading levels, driven by factors, such as El Nino's impact on crop harvest assumptions and shifting risk exposure in sugar, cocoa, and coffee markets.
In September 2023, ICE reported strong trading performance, with total average daily volume (ADV) rising by 6% year-on-year (Y-o-Y) and open interest (OI) increasing by 4% Y-o-Y.
The energy sector notably surged, with a Y-o-Y uplift of 30% in ADV and a 14% Y-o-Y growth in OI. Total Oil ADV exhibited remarkable growth at 48% Y-o-Y, along with a Y-o-Y improvement of 29% in OI. Brent ADV saw a significant rise of 48% Y-o-Y, while WTI ADV soared an impressive 95% Y-o-Y, reaching a record futures OI of 720k lots on September 12.
Gasoil ADV grew 34% Y-o-Y, and other crude and refined products ADV surged 67% Y-o-Y. In the natural gas segment, total ADV increased 5% Y-o-Y, with a corresponding Y-o-Y growth of 12% in OI. TTF gas ADV witnessed remarkable Y-o-Y progress at 118%, accompanied by a Y-o-Y boost of 52% in OI.
Furthermore, the Agricultural and Metals (Ags & Metals) sector experienced a Y-o-Y upturn of 7% in ADV, coupled with a rise of 17% Y-o-Y in OI. Sugar ADV expanded 8% Y-o-Y, cocoa ADV upped 7% Y-o-Y, and coffee ADV also improved 5% Y-o-Y.
A notable achievement was the record-setting SONIA ADV, which surged 30% Y-o-Y, with OI augmented at 31% Y-o-Y. These figures underscore ICE's robust performance in various market segments, highlighting its global leadership and strength in energy and soft commodities markets.
Key Highlights of ICE's Q3 Performance
In the third quarter, ICE reported strong performance across multiple segments. ADV saw a significant increase of 8% Y-o-Y, underlining ICE's strong trading activity.
The Energy sector was a standout, with ADV surging by an impressive 30% Y-o-Y. Total Oil ADV exhibited notable growth with it escalating 40% Y-o-Y, driven by significant increases in both Brent ADV and WTI ADV.
Natural gas also witnessed gains, with total ADV rising 15% Y-o-Y, and a remarkable record-setting surge in TTF gas ADV, which skyrocketed 101% Y-o-Y. Ags & Metals experienced a Y-o-Y improvement of 7% in ADV, with notable growth observed in sugar, cocoa, and coffee ADV.
Furthermore, ICE's performance in the SONIA market was robust, with an increase of 37% Y-o-Y in ADV. Additionally, NYSE Equity Options ADV showed positive growth, rising 5% Y-o-Y.
These figures underscore ICE's continued strength in the global market, particularly in energy and soft commodities, as well as its commitment to providing valuable trading and infrastructure solutions.
