ICE Futures Europe Announces Markers for Singapore Oil Market
LONDON and SINGAPORE, May 13 /PRNewswire-AsiaNet/ --
**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,
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
CONTACT: Investor & Media:
Sarah Stashak,
Director, Investor & Public Relations, IntercontinentalExchange,
+1-770-857-0340
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