IntercontinentalExchange

IntercontinentalExchange (or ICE) is a company based with Atlanta with the the United States of America and specialized in the development of the electronic trading on the raw materials.

History

In April 2001, ICE repurchases International Petroleum Exchange (IPE), founded with London in 1980 by actors of the oil world and financial institutions.

Before the repurchase by ICE, the transactions on oil were done at the same time at shouted and on an electronic platform, whereas on natural gas, only an electronic market, right from the start, was set up. But the objective of ICE was to replace shouted by its own system. In November 2004, the schedules of opening of shouted on the Brent were reduced, for finally completely leaving place to a system of electronic quotation on April 7th, 2005 on all the products.

The contracts in the long term and Option S suggested relate to the Pétrole ( Brent Crude Oil , Gas-oil , WTI Crude Oil , New York Harbor (RBOB) Gasoline , Heating Oil ), the Natural gas (deliverable on the NBP - National Balancing Point ), the electricity and the licenses of emission.

In addition to the future , ICE makes it possible to exchange swaps on a large variety of products (American natural gas, European fuels….) with more or less of success near the traders .

In parallel, NYMEX, the concurrent purse based with New York, launched a market to shouted on the Brent , based with Dublin, betting on the taste of the actors of this market for a parquet floor. After the approval of the British regulatory agencies (FSA), Nymex was to move this shouted in September 2005 in London. In front of the little of success gained by this purse, the installation in the British capital did not take place.

Contracts

In November 2004, the contracts defined by the IPE were the following.

Oil

  • Future Brent

  1. Subjacent: Brent left the pipeline, delivered to Sullom Voe
  2. Creation date: June 23rd, 1988
  3. Time of opening (local time): opening to 1:00, closing with 22:00
  4. Calculation of the fence ( settlement ) (local time): between 19:27 and 19:29 min59s
  5. Unit of transaction: a batch of 1000 Barrel S (noted bl) (42000 Gallon S)
  6. Unit of quotation: in dollars and hundred American (USD) per barrel
  7. Limit of fluctuation day laborer: none
  8. Fluctuation minimum: 0,01 USD/bl
  9. Contracts with dimensions: 12 months consecutive, then last month of the quarters until a 24 months maximum, and last month of the following six-month periods until a 36 months maximum

  • Options on Brent

  1. Creation date: May 11th, 1989

  2. Time of opening (local time): opening to 1:00, closing with 22:00
  3. Calculation of the fence ( settlement ) (local time): between 19:27 and 19:29 min59s
  4. Unit of transaction: a contract future Brent
  5. Unit of quotation: in dollars and hundred American (USD) per barrel
  6. Prices of exercise with dimensions: multiples of 0,50 USD/bl, with a minimum of 5 prices of exercise per expiry of the future contracts , calculated according to the closing prices of the day before on the latter
  7. Limit of fluctuation day laborer: no
  8. Fluctuation minimum: 0,01 USD/bl
  9. Contracts with dimensions: the first eleven months dimensioned on the future contracts

  • Future Gas oil

  1. Subjacent: fuel domesticates ( heating oil ) in charge starting from the zone MACAW (Antwerp-Rotterdam-Amsterdam) on barges between sixteenth and last day of the month of delivery
  2. Creation date: April 6th, 1981
  3. Time of opening (local time): opening to 1:00, closing with 22:00
  4. Calculation of the fence ( settlement ) (local time): between 17:27 and 17:29 min59s
  5. Unit of transaction: a batch of 100 ton S, with a delivery of a volume of 118,35 cubic meters, equivalent with the 100 tons with a Density of 0,845 kg/l in the vacuum with 15°C
  6. Unit of quotation: in dollars and hundred American (USD) per ton
  7. Limit of fluctuation day laborer: none
  8. Fluctuation minimum: 0,25 USD/t
  9. Contracts with dimensions: up to 12 months consecutive, then last month of the quarters until a 24 months maximum, and last month of the following six-month periods until a 36 months maximum

  • Options on Fuel oil

  1. Creation date: April 6th, 1981 Time
  2. of opening (local time): opening to 1:00, closing with 22:00
  3. Calculation of the fence ( settlement ) (local time): between 17:27 and 17:29 min59s
  4. Unit of transaction: a contract future Fuel oil
  5. Unit of quotation: in dollars and hundred American (USD) per ton
  6. Price of exercise with dimensions: multiples of 2,50 USD/t, with a minimum of 5 prices of exercise per expiry of the future contracts , calculated according to the closing prices of the day before on the latter
  7. Limit of fluctuation day laborer: none
  8. Fluctuation minimum: 0,05 USD/t
  9. Contracts with dimensions: the first eleven months dimensioned on the future contracts

Natural gas

  • Future gas naturel

  1. Subjacent: natural gas delivered to the NBP ( National Balancing Not ), not of delivery notional on the English network
  2. Creation date: January 31st, 1997
  3. Time of opening (local time):
    • daily contracts: opening to 8:00, closing with 16:00
    • other contracts: opening to 8:00, closing with 17:00
  4. Calculation of the fence ( settlement ) (local time):
    • daily contracts: between 15:45 and 15:59 min59s
    • other contracts: between 16:45 and 16:59 min59s
  5. Unit of transaction: 5 American batches of 1000 S (noted HT) (1 HT = 29.3 kWh = 1,054 804×108 J)
  6. Unit of quotation: in pounds sterling and pence (GBP) by therm
  7. Limit of fluctuation day laborer: none
  8. Fluctuation minimum: 0.01 pence/th
  9. Contracts with dimensions: per day up to 7 days, month balances, then per month until the 11 consecutive month, then by quarter, and finally by season (be = April at September, winter = October at March)

Electricity

  • Future basic electricity

  1. Subjacent: electricity delivered between 23:00 of a day given and 23:00 of the next day
  2. Time of opening (local time): opening to 9:00, closing with 17:00
  3. Calculation of the fence ( settlement ) (local time): between 16:45 and 16:59 min59s
  4. Unit of transaction: 10 batches of 1 megawatt (noted MW) over 12 midnight (either 24 MWh of energy per day, except the days of change of hour - 23 or 25 MWh)
  5. Unit of quotation: in pounds sterling and pence (GBP) per MWh
  6. Limit of fluctuation day laborer: none
  7. Fluctuation minimum: 1 pence/MWh
  8. Contracts with dimensions: daily contracts gathered per month, quarters and seasons

  • Future electricity of pointe

  1. Subjacent: electricity delivered between 7:00 and 19:00 days of week
  2. Time of opening (local time): opening to 9:00, closing with 17:00
  3. Calculation of the fence ( settlement ) (local time): between 16:45 and 16:59 min59s
  4. Unit of transaction: 10 batches of 1 megawatt (noted MW) over 12 noon (either 12 MWh of energy per day)
  5. Unit of quotation: in pounds sterling and pence (GBP) per MWh
  6. Limit of fluctuation day laborer: none
  7. Fluctuation minimum: 1 pence/MWh
  8. Contracts with dimensions: daily contracts gathered per month, quarters and seasons

See too

External bonds

  • Official site of ICE

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