Intercontinental Exchange Provides Update on Plans to Launch ICE Futures Abu Dhabi and World’s First Murban Crude Futures Contracts
Intercontinental Exchange (NYSE: ICE) has announced plans to launch ICE Futures Abu Dhabi (IFAD) and the world’s first futures contracts for Murban crude oil, pending regulatory approvals. The launch is expected by late Q1 2021. IFAD aims to enhance trading opportunities with a range of cash-settled derivatives and physically delivered contracts at Fujairah, UAE. The contracts will be cleared at ICE Clear Europe, promoting capital efficiencies alongside major global oil benchmarks.
- Launch of ICE Futures Abu Dhabi (IFAD) to expand trading options.
- World's first futures contracts for Murban crude oil could attract new market participants.
- Offers a range of cash-settled derivatives that complement the futures contracts.
- Regulatory approvals are still pending, which may delay the launch.
ABU DHABI--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today provides an update on its plans to launch ICE Futures Abu Dhabi (IFAD) and the world’s first futures contracts based on Murban crude oil.
Subject to the completion of regulatory approvals, ICE plans to launch IFAD and trading in Murban futures contracts late in the first quarter of 2021. A more specific date for the launch of trading will be announced in due course.
In November 2019, ICE announced its plans to launch IFAD, with the Abu Dhabi National Oil Company and nine of the world’s largest energy traders partnering with ICE on the launch.
ICE Murban Futures will be a physically delivered contract with delivery at Fujairah in the United Arab Emirates (UAE) on a free on board (FOB) basis. ICE Murban Futures will be complemented with a range of cash settled derivatives which IFAD plan to launch for day one of trading. The full list of contracts are listed here and include:
• Crude Outright - Murban Singapore Marker 1st Line Future Contract;
• Crude Outright - Murban Singapore Marker 1st Line Balmo Future Contract;
• Crude Outright - Murban 1st Line Future Contract;
• Crude Outright - Murban 1st Line Balmo Future Contract;
• Crude Diff - Murban Singapore Marker 1st Line vs Brent Singapore Marker 1st Line Future Contract;
• Crude Diff - Murban Singapore Marker 1st Line vs Brent Singapore Marker 1st Line Balmo Future Contract;
• Crude Diff - Murban 1st Line vs Brent 1st Line Future Contract;
• Crude Diff - Murban 1st Line vs Brent 1st Line Balmo Future Contract;
• Crude Diff - Murban Singapore Marker 1st Line vs Brent 1st Line Future Contract;
• Crude Diff - Murban Singapore Marker 1st Line vs Brent 1st Line Balmo Future Contract;
• Crude Diff - Murban 1st Line vs WTI 1st Line Future Contract;
• Crude Diff - Murban 1st Line vs WTI 1st Line Balmo Future Contract;
• Crude Diff - Murban 1st Line vs Dated Brent (Platts) Future Contract;
• Crude Diff - Murban 1st Line vs Dated Brent (Platts) Balmo Future Contract;
• Gasoil Crack - Singapore Gasoil (Platts) vs Murban 1st Line Future Contract;
• Fuel Oil Crack - Fuel Oil 380 CST Singapore (Platts) vs Murban 1st Line Future Contract;
• Gasoline Crack - Singapore Mogas 92 Unleaded (Platts) vs Murban 1st Line Future Contract;
• Naphtha Crack - Naphtha C+F Japan (Platts) vs Murban 1st Line Future Contract (in Bbls).
Contracts traded at IFAD will be cleared at ICE Clear Europe, a leading energy clearing house, and will clear alongside the most significant global oil benchmarks - ICE Brent, ICE WTI, ICE (Platts) Dubai and ICE Low Sulphur Gasoil - allowing customers to benefit from associated margin offsets and delivering meaningful capital efficiencies.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 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 is the premier venue for raising capital 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, 2019, as filed with the SEC on February 6, 2020.
Source: Intercontinental Exchange
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