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 one month and three month, cash-settled futures contracts based on the Secured Overnight Financing Rate (SOFR) on October 1, 2018.
ICE also intends to offer futures on Euro and Swiss Franc alternative risk free interest rates once the underlying benchmarks on these currencies become available. The SOFR launch follows the introduction of the ICE One Month and Three Month SONIA futures in December 2017 and June 2018. Together, ICE SOFR and ICE SONIA futures provide a global offering to trade and hedge alternative risk free rates alongside Euribor, Sterling, Euroswiss, Gilt and other interest rate benchmarks.
ICE Futures Europe President, Stuart Williams said: “The introduction of SOFR futures extends our offering to U.S. alternative risk free rates and complements our strategy to provide choice in global interest rate markets. Our range of interest rate futures and options contracts continues to grow to cover more geographies, currencies and tenors.”
The ICE interest rate franchise is building on last year’s solid growth with average daily volume and open interest across the complex up 6% and 11% y/y through July 31. ICE’s SONIA futures continue to see growth with more than 60,000 contracts traded since launch, representing around £128 billion notional value.
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