Intercontinental Exchange to Launch ICE Futures Abu Dhabi and the World’s First Murban Crude Futures Contracts on March 29, 2021
Intercontinental Exchange (NYSE: ICE) announced plans to launch ICE Futures Abu Dhabi (IFAD) and the world's first futures contracts based on Murban crude oil, set for March 29, 2021, pending regulatory approvals. Partnering with ADNOC and major energy traders, IFAD will offer physically delivered contracts with delivery at Fujairah, UAE. These futures will be complemented by cash settled derivatives, enhancing trading strategies. Contracts will be cleared at ICE Clear Europe, enabling capital efficiency for customers.
- Launch of ICE Futures Abu Dhabi (IFAD) marks a significant market expansion.
- First futures contracts based on Murban crude oil introduce new trading opportunities.
- Partnership with ADNOC and major traders enhances credibility and market reach.
- Cash settled derivatives complement futures, allowing for diverse trading strategies.
- Clearing at ICE Clear Europe offers capital efficiency and margin offsets.
- None.
ABU DHABI, United Arab Emirates--(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 announced that it plans to launch ICE Futures Abu Dhabi (IFAD) and the world’s first futures contracts based on Murban crude oil on March 29, 2021, subject to the completion of regulatory approvals.
In November 2019, ICE announced its plans to launch IFAD, with the Abu Dhabi National Oil Company (ADNOC) - the producer of Murban crude - and nine of the world’s largest energy traders partnering with ICE on the launch.
ICE Murban Crude Oil 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. These include outright, differential and crack differentials against Brent, WTI, Gasoil and Naphtha among others, as well as inter-commodity spreads, which are planned to launch alongside Murban futures.
Contracts traded at IFAD will be cleared at ICE Clear Europe, a leading energy clearing house, and will clear alongside ICE’s leading global energy futures platform covering oil, natural gas and the environmental complex, 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 and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.
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.
About ADNOC
ADNOC is one of the world’s leading diversified energy and petrochemicals groups with a daily production capacity of about 4 million barrels of oil and 10.5 billion cubic feet of natural gas. ADNOC is a primary catalyst for the UAE’s growth and diversification. For further information: media@adnoc.ae.
Source: Intercontinental Exchange
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