LONDON and SINGAPORE - **One Minute Tradable Brent and Gasoil Markers Available During the Asian Trading Day Beginning May 22**
IntercontinentalExchange, Inc.(R) (NYSE: ICE), a leading operator of regulated global futures exchanges and over-the-counter (OTC) markets, today announced the introduction of a one minute tradable marker facility for ICE Brent Crude futures and the ICE Gasoil futures contracts during the Asian trading day. The new markers, called the Singapore Brent and Singapore Gasoil markers, will be available for trading on May 22, 2009.
The Singapore Brent and Singapore Gasoil markers will connect the Asian markets with the European markets, enabling efficient management of risk between the two regions for refiners, producers and hedgers. Timing of the markers will be the minute preceding 16:30 local Singapore time (08:30 GMT/09:30 BST) and will be tradable for the front-three contract months.
“We believe the Singapore markers will serve as valuable reference prices for the industry, while supporting increased price transparency amid the anticipated surge in energy demand from the region in the coming years,” said Mike Davis, Director of Market Development, ICE Futures Europe(TM). “In response to growing demand for inter-regional tradable pricing references, and to support the global footprints of our key futures benchmarks, we are pleased to introduce these facilities.”
ICE will establish a marker price called the “Singapore Minute marker” for both Brent and Gasoil futures which will be a volume trade weighted average price of trades executed between 16:29:00 and 16:29:59 hours local Singapore time (08:30 GMT/09:30 BST). A marker price will be published for the front-three contract months. Singapore marker trades executed up to and including 16:29:59 local Singapore time will be named “one minute Singapore Brent Marker Trades” and “one minute Singapore Gasoil Marker Trades”, and will be reflected in both the ICE Electronic Trading System (ETS) and the Trade Registration System (TRS) in a format similar to settlement trades.
In addition to the markers, ICE is introducing a facility to allow premium and discount trades to be applied to the markers, mirroring what is currently in existence for Trade at Settlement trades. For the Singapore Brent marker, ICE will allow premiums and discount trades of up to $0.05 cents (5 ticks) either side of zero. For the Singapore Gasoil marker, ICE will allow premiums and discount trades of up to $0.50 (2 ticks) either side of zero.
ICE will also launch a tradable U.S. Gasoil marker at 19:30 UK time (14:30 EDT) with a premium and discount trade facility of +/- 0.50 cents either side of the published marker price. A premium and discount trade facility will also be enabled for the London 16:30 Brent Crude futures tradable marker in response to customer demand.
For questions relating to the new Singapore markers, please contact Jennifer Ilkiw (Singapore) +65-6-594-0160, jennifer.ilkiw@theice.com, or Paul Wightman (UK) +44-20-7065-7744, paul.wightman@theice.com.
About IntercontinentalExchange
IntercontinentalExchange(R) (NYSE: ICE) operates leading regulated exchanges, trading platforms and clearing houses serving the global markets for agricultural, credit, currency, emissions, energy and equity index markets. ICE Futures Europe(R) trades half of the world’s crude and refined oil futures. ICE Futures U.S.(R) and ICE Futures Canada(R) list agricultural, currency and Russell Index markets. ICE offers trade execution and processing for the credit derivatives markets through Creditex and clearing through ICE Trust(TM). A component of the Russell 1000(R) and S&P 500 indexes, ICE(R) serves customers in more than 50 countries and is headquartered in Atlanta, with offices in New York, London, Chicago, Winnipeg, Calgary, Houston and Singapore. www.theice.com
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.
Source: IntercontinentalExchange
Investor & Media: Sarah Stashak, Director, Investor & Public Relations, IntercontinentalExchange, +1-770-857-0340
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