Intercontinental Exchange to Launch ICE Futures Abu Dhabi & the World’s First Murban Crude Futures Contracts on March 29, 2...
09 November 2020 - 9:00PM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator
of global exchanges and clearing houses and provider of mortgage
technology, data and listings services, today announced that it
plans to launch ICE Futures Abu Dhabi (IFAD) and the world’s first
futures contracts based on Murban crude oil on March 29, 2021,
subject to the completion of regulatory approvals.
In November 2019, ICE announced its plans to launch IFAD, with
the Abu Dhabi National Oil Company (ADNOC) - the producer of Murban
crude - and nine of the world’s largest energy traders partnering
with ICE on the launch.
ICE Murban Crude Oil Futures will be a physically delivered
contract with delivery at Fujairah in the United Arab Emirates
(UAE) on a free on board (FOB) basis. ICE Murban Futures will be
complemented with a range of cash settled derivatives. These
include outright, differential and crack differentials against
Brent, WTI, Gasoil and Naphtha among others, as well as
inter-commodity spreads, which are planned to launch alongside
Murban futures.
Contracts traded at IFAD will be cleared at ICE Clear Europe, a
leading energy clearing house, and will clear alongside ICE’s
leading global energy futures platform covering oil, natural gas
and the environmental complex, allowing customers to benefit from
associated margin offsets and delivering meaningful capital
efficiencies.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500
company and provider of marketplace infrastructure, data services
and technology solutions to a broad range of customers including
financial institutions, corporations and government entities. We
operate regulated marketplaces, including the New York Stock
Exchange, for the listing, trading and clearing of a broad array of
derivatives contracts and financial securities across major asset
classes. Our comprehensive data services offering supports the
trading, investment, risk management and connectivity needs of
customers around the world and across asset classes. As a leading
technology provider for the U.S. residential mortgage industry,
ICE Mortgage Technology provides the technology and
infrastructure to transform and digitize U.S. residential
mortgages, from application and loan origination through to final
settlement.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located at
http://www.intercontinentalexchange.com/terms-of-use. Key
Information Documents for certain products covered by the EU
Packaged Retail and Insurance-based Investment Products Regulation
can be accessed on the relevant exchange website under the heading
“Key Information Documents (KIDS).”
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, 2019, as
filed with the SEC on February 6, 2020.
About ADNOC
ADNOC is one of the world’s leading diversified energy and
petrochemicals groups with a daily production capacity of about 4
million barrels of oil and 10.5 billion cubic feet of natural gas.
ADNOC is a primary catalyst for the UAE’s growth and
diversification. For further information: media@adnoc.ae.
Source: Intercontinental Exchange
ICE-CORP
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version on businesswire.com: https://www.businesswire.com/news/home/20201109005471/en/
ICE Media Contact Rebecca Mitchell +44 7951 057351
rebecca.mitchell@theice.com ICE Investor Contact:
Warren Gardiner 770-835-0114 Warren.Gardiner@theice.com
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