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ICE Reports Record Levels of Trading Activity on March 13 as Markets Manage Risk
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Intercontinental Exchange (NYSE:ICE) reported record trading activity on March 13, 2023, with 14.45 million futures and options contracts traded, surpassing its previous record from March 12, 2020. Key highlights include a record of 10 million contracts in financial futures and options and 5.49 million in Euribor contracts. Average daily trading volume for the year is 3 million in financials and 1.8 million in Euribor. Open interest has increased by 12% year-to-date in financials, reaching 22.69 million contracts. The surge in trading was attributed to a shift in risk sentiment among U.S. regional bank stocks amidst tightening interest rate expectations.
Positive
Record trading volume of 14.45 million contracts on March 13, 2023.
10 million contracts traded in financial futures and options, highest since May 2018.
Open interest in financial futures up by 12% year-to-date at 22.69 million contracts.
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LONDON & NEW YORK & AMSTERDAM--(BUSINESS WIRE)--
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced record levels of trading activity across its futures and options markets.
On March 13, 2023, ICE hit record volume across its markets with 14.45 million futures and options contracts traded during the day. The volume surpassed the previous record set three years ago, on March 12, 2020, as the market reacted to the onset of the COVID-19 pandemic.
Volume records set on March 13, 2023, included ICE’s financials futures and options portfolio, with a record 10 million contracts traded, the highest level since May 29, 2018. Euribor, the benchmark contract for managing short term Euro related interest rate risk, saw a record 5.49 million futures and options contracts traded, surpassing the record previously set on May 29, 2018. SONIA, the benchmark contract for UK interest rate risk, saw a record 1.17 million futures and options contracts traded.
For comparison, average daily volume (ADV) year to date in ICE’s financial futures and options portfolio is 3 million contracts while ADV in Euribor is 1.8 million contracts.
ICE’s equity indices portfolio saw a record 2.9 million futures and options contracts traded on March 13, 2023, beating the record last set on March 14, 2022. The portfolio includes the most liquid markets to trade derivatives based on MSCI® and FTSE® equity indices. Average daily volume in the portfolio is 423,000 contracts.
“The record level of trading activity which took place on ICE’s markets on March 13 reflects a sudden change in risk sentiment in U.S. regional bank stocks, which collided with interest rate expectations that were priced for central bank tightening,” said Chris Rhodes, President of ICE Futures Europe. “These volumes reflect a flight to liquidity, demonstrating the reliability of futures markets as a risk management tool.”
Open interest across ICE’s financials futures and options portfolio is up 12% since the start of the year at 22.69 million contracts, with open interest across ICE’s total futures and options portfolio up by 10% over the period at 73 million contracts.
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, 2022, as filed with the SEC on February 2, 2023.
