LONDON--(BUSINESS WIRE)--Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that subject to relevant regulatory approvals, ICE Futures Europe plans to launch a new three month, cash-settled futures contract based on the Sterling Overnight Index Average (SONIA) rate on June 1, 2018.
The launch follows the introduction of the ICE One Month SONIA futures contract on December 1, 2017 and complements ICE’s liquid and diverse range of interest rate futures and options contracts, which span multiple currencies (EUR, GBP, CHF and USD) and tenors (from overnight to 30 years).
Stuart Williams, President, ICE Futures Europe said: “The introduction of Three Month SONIA futures complements our strategy to provide market participants with a broad range of tools for managing interest rate risk in a capital efficient manner. As the home of UK and European interest rates trading, we continue to contribute to the development of alternative benchmarks based on overnight rates or short-term secured funding rates that offer benefits to participants in the global interest rate markets.”
As global monetary policies continue to evolve and interest rate markets build on their momentum, ICE’s interest rate franchise has seen a strong start to 2018. Year to date, average daily volume (ADV) and open interest (OI) across ICE’s Interest Rates complex grew 8% and 6% y/y. In 2017, rates ADV and OI grew 28% and 38% y/y, respectively.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 and Fortune Future 50 company formed in the year 2000 to modernize markets. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. As the parent company of the New York Stock Exchange, the company raises more capital than any other exchange in the world, driving economic growth and transforming markets.
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, 2017, as filed with the SEC on February 7, 2018.
The “SONIA” mark is used under licence from the Bank of England (the benchmark administrator of SONIA), and the use of such mark does not imply or express any approval or endorsement by the Bank of England. ”Bank of England” and “SONIA” are registered trademarks of the Bank of England.
SOURCE: Intercontinental Exchange