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ICE adds One Exchange Data to Canadian Crude Indices and Related Index Futures Contracts
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Intercontinental Exchange (ICE) announced the addition of physical crude transaction data from One Exchange Corp to its Canadian crude indices, enhancing its crude futures contracts. This collaboration is set to improve the accuracy of pricing for key Canadian crude futures, including Western Canadian Select. Canada, the fourth largest oil producer, is the top supplier of crude to the U.S., boosting the relevance of Canadian oil in international markets. The changes are expected to take effect in early 2023, significantly increasing the underlying physical transaction volumes for ICE's Canadian index pricing.
Positive
Integration of One Exchange data enhances the accuracy of ICE Canadian crude indices.
Broader data from One Exchange increases the volume of physical transactions underpinning ICE's Canadian futures contracts.
Strengthens ICE's position in the North American energy markets.
Negative
None.
CALGARY, Alberta & NEW YORK--(BUSINESS WIRE)--
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that physical crude transaction data from One Exchange Corp, a leading voice and electronic broker for the North American energy markets, will be added to ICE’s 1a group of Canadian crude indices which are currently based on ICE affiliate CalRock Brokers transaction data.
Canada is the fourth largest oil producer in the world, behind the U.S., Saudi Arabia and Russia. Canada is by far the biggest supplier of crude oil to the U.S., with more Canadian barrels making it to the U.S. Gulf Coast every year for both domestic use and re-export.
ICE currently calculates Canadian Crude indices from physical crude trades transacted by CalRock Brokers, which are the basis of ICE’s benchmark Canadian crude futures contracts. In early 2023, One Exchange data will be added to the pricing for the ICE 1a indices which underpin ICE’s Canadian futures contracts, significantly increasing the number of physical crude transactions which underpin these indices.
These futures contracts include the most liquid Canadian financial crude future Western Canadian Select (contract code TMW), as well as the Light Sweet Crude (TMR), Condensate C5 (TMF), and Clearbrook Bakken Sweet (TMU) futures.
“One Exchange is excited to collaborate with Calrock by contributing to the ICE 1a group of Canadian crude indices and we view this as a very important step forward for the Canadian oil market,” said Perry Undseth, President and CEO at One Exchange. “Combining One Exchange and Calrock physical volumes into the ICE Canadian Crude Indices will help ensure that Canadian physical crude volumes can continue to be accurately hedged using the related ICE futures contracts.”
“The market increasingly relies on ICE’s Canadian crude futures and adding One Exchange’s physical crude trade data will expand the set of physical trade data that determines the ICE 1a index prices,” said Alex Dolaptchiev, Senior Director at CalRock. “The addition of One Exchange will further solidify ICE Canadian crude indices as the most accurate reflection of physical crude pricing in Canadian crude markets, while future developments of pipeline capacity of up to 890,000 barrels per day to Canada’s West Coast mean Canadian grades will continue to gain relevance in international markets.”
CalRock Brokers is a premier broker for Canadian and U.S. crude oil grades and was acquired by ICE in 2017 as part of the acquisition of the Natural Gas Exchange, now ICE NGX.
About Intercontinental Exchange
Intercontinental Exchange, Inc.(NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
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 here. 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, 2021, as filed with the SEC on February 3, 2022.
About One Exchange
One Exchange Corp is a leading voice and electronic broker for North American energy markets. We have continually grown and adapted with the industries that we serve offering a high level of service and technology. We provide liquidity to our trading clients covering physical and financial transactions for North American Crude Oil, Natural Gas, Butane and Propane markets. Our customers rely on us for liquidity, transparency, detailed mark to market settlement curves, market commentary and historical data. Our market liquidity is enhanced by our proprietary web-based trading software, offering our customers API connectivity and a mobile application.
