ICE Secures Healthy MoM Growth in FX ADV During November 2015

During November 2015, futures and options ADV came in at 5.0 million per day, which rose 6.4% MoM from 4.7

Intercontinental Exchange (NYSE: ICE), a global network of exchanges and clearing houses, has reported its volumes for the month ending November 2015, according to a recently released ICE statement.

Last month, ICE’s October 2015 futures and options average daily volume (ADV) yielded 4.7 million contracts, unchanged MoM when compared against September 2014. Alternatively, foreign exchange (FX) ADV collapsed -37.8% MoM in October.

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For the month ending November 2015 however, futures and options ADV came in at 5.0 million per day, which rose 6.4% MoM from 4.7 million contracts per day in October 2015. Additionally, over a yearly timeframe, November 2015’s volumes witnessed a strong ascension of 13.0% YoY from 4.4 million contracts in November 2014. By extension, commodities ADV secured a marginal growth, having been reported at 2.83 million contracts per day in November 2015, against just 2.8 million contracts in October 2015, or 1.0% MoM.

Moreover, equity indices ADV on ICE came in at just 315,000 contracts per day in November 2015, falling -4.5% MoM from 330,000 contracts in October 2015. This loss was erased when measured against its 2014 equivalent – November 2015’s performance substantiates a gain of 8.0% YoY from 293,000 seen in November 2014.

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FX Volumes in Focus

ICE’s foreign exchange (FX) and credit volumes were able to orchestrate a fairly strong performance in November 2015 – an ADV of 35,000 contracts in November 2015 represented a boost of 6.1% MoM from 33,000 contracts per day in October 2015.

Expanding the snapshot to include last year’s figures, November 2015’s ADV of 35,000 contracts also correlates to a YoY decline of -16.7% YoY from 42,000 contracts per day in November 2014.

The trend is interesting, namely in respect to other venues, which have largely seen weaker volumes, such as EBS. As ICE sees the majority of volume from the USD Index, rampant speculation surrounding the Fed’s December rate hike decision has likely boosted volumes. It will be interesting to see if this trend holds pending any rate moves.

Last month, ICE entered into an agreement to acquire Trayport, a subsidiary of GFI Group, for $650 million in ICE common stock. GFI Group had already experienced an eventful year, having been acquired by BGC Partners back in March 2015. Its subsidiary, Trayport, is a technology platform provider, helping serve brokers for both electronic and hybrid trade execution that’s largely relegated to European over-the-counter (OTC) utility markets.

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