ICE Announces That One Million Contracts Have Traded on ICE Futures Abu Dhabi, Equivalent to One Billion Barrels of Murban Crude
30 November 2021 - 12:00AM
Business Wire
Intercontinental Exchange (NYSE:ICE), a leading global provider
of data, technology, and market infrastructure, today announced
that a total of over one million futures contracts have traded on
ICE Futures Abu Dhabi (IFAD) since the exchange launched on March
29, 2021, equivalent to one billion barrels of Murban crude
oil.
Of this, 1,032,805 Murban Crude Oil futures contracts and 18,059
cash settled derivatives have traded. Total volume traded on IFAD
since launch is 1,050,864 contracts.
“Murban futures are adding to price discovery in Asia and thus
enhancing the functioning of both regional and international
markets. Moreover, the physical delivery mechanism has worked
smoothly over the first 7 months since launch and open interest
continues to grow. Given this encouraging start, we are confident
that the IFAD Murban futures contract will make many more headlines
as it continues to grow in importance,” said Mike Muller, Head of
Vitol Asia.
“As a shareholder and active participant, we are proud of having
contributed to this major milestone for IFAD, which helps create
more transparent Asian markets. The liquidity that IFAD is
providing to the market is greatly appreciated and thanks to
Murban’s sustainable production, wide customer base and excellent
logistical capabilities, we are confident that further success is
ahead,” said Thomas Waymel, President, TOTSA TotalEnergies Trading
SA.
“As a new exchange in the Middle East, the successful running of
IFAD undoubtedly marked a significant breakthrough in the regional
oil benchmark innovation. It reflects the UAE’s potential to build
up an international energy hub and lays a solid foundation for the
UAE to become an emerging energy trading centre in the Middle East
and even in the world,” said the manager of PetroChina
International Middle East.
“For IFAD to hit the milestone of one million contracts in such
a short space of time is impressive and clearly demonstrates
growing client demand for the Murban Crude futures contract, across
the spectrum of commercial and financial participants. We are
delighted to be actively trading Murban futures and helping to
build the market through growing liquidity on the exchange”, said
Lee Hodgkinson, CEO, OSTC.
“We are delighted and honored to witness the cumulative volume
of Murban crude traded on IFAD hitting the one billion barrel
milestone at this early stage,” said Takayuki Ueda, President &
CEO, INPEX Corporation. “Through IFAD, we continue to be committed
to contributing to the development of the futures market exchange
while working more closely with ICE, ADNOC and our partners to
further improve the market for Murban crude.”
Alongside ICE Murban Crude Oil Futures, IFAD hosts
Murban-related cash settled derivatives and inter-commodity
spreads, offering the market the broadest range of ways to trade
and hedge Murban crude oil.
For more information on how to clear or trade IFAD markets
please contact Membership-AbuDhabi@ice.com or to arrange education
sessions on IFAD please contact education@ice.com.
About Intercontinental Exchange Intercontinental
Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs,
builds and operates digital networks to connect people to
opportunity. We provide financial technology and data services
across major asset classes that offer our customers access to
mission-critical workflow tools that increase transparency and
operational efficiencies. We operate exchanges, including the New
York Stock Exchange, and clearing houses that help people invest,
raise capital and manage risk across multiple asset classes. Our
comprehensive fixed income data services and execution capabilities
provide information, analytics and platforms that help our
customers capitalize on opportunities and operate more efficiently.
At ICE Mortgage Technology, we are transforming and digitizing the
U.S. residential mortgage process, from consumer engagement through
loan registration. Together, we transform, streamline and automate
industries to connect our customers to opportunity.
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 here. 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, 2020, as
filed with the SEC on February 4, 2021.
ICE- CORP
Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20211129005409/en/
ICE Media Contact: Rebecca Mitchell
Rebecca.Mitchell@ice.com +44 7951 057 351
ICE Investor Contact: Mary Caroline O’Neal
marycaroline.oneal@ice.com (770) 738-2151
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