Open Interest across ICE’s Global Futures and Options Markets Reaches a Record 100 Million Contracts

Rhea-AI Summary

Intercontinental Exchange (NYSE:ICE) has achieved a significant milestone with its global futures and options markets reaching record open interest of over 100 million contracts on February 20, 2025, marking an 11% increase year-over-year.

ICE Chair & CEO Jeffrey C. Sprecher highlighted the company's 25-year mission to increase market transparency and accessibility, which began in energy markets and has since expanded significantly.

Notable records achieved on February 20, 2025 include:

• Record open interest across ICE's global commodities markets of 68.7 million contracts across futures and options, with 65.3 million in energy-related contracts
• Record open interest in ICE's total natural gas futures and options markets of 43.8 million contracts
• Record open interest in North American natural gas futures and options of 37.9 million contracts
• Record open interest in ICE Henry Hub futures of 8.7 million contracts

Additionally, on February 19, 2025, ICE set a record trading volume of 3.2 million in total natural gas futures and options, surpassing the previous record from 2012.

Positive

• Record open interest of over 100 million contracts, up 11% year-over-year
• Record 68.7 million open interest in global commodities markets
• Record 65.3 million open interest in energy-related contracts
• Record 43.8 million open interest in natural gas futures and options
• Record trading volume of 3.2 million in natural gas futures and options on Feb 19

Negative

• None.

Insights

Financial Markets Analyst

ICE's achievement of 100 million contracts in open interest represents a significant milestone with tangible financial implications for the exchange operator. This 11% year-over-year growth in outstanding contracts directly impacts ICE's revenue streams through increased clearing fees and market data services—key profit drivers in the exchange business model.

The concentration in energy markets is particularly noteworthy, with 65.3 million energy-related contracts comprising the vast majority of ICE's commodities open interest. This dominance in energy trading has been strategically cultivated since the company's founding and now serves as a powerful moat against competitors. The record activity in natural gas derivatives—especially the 8.7 million contracts in Henry Hub futures—reflects heightened market volatility and hedging demand amid ongoing energy transition challenges.

Open interest is a leading indicator of exchange health, as it represents committed capital in the marketplace that generates recurring revenue through maintenance fees and collateral management services. Unlike daily trading volume which produces one-time transaction fees, open interest creates sustained income streams as positions remain active.

The timing of these records is significant, coinciding with increased energy market volatility. The surge in Henry Hub futures volume to levels not seen since 2018 suggests institutional investors and commercial hedgers are actively repositioning their exposure to natural gas price fluctuations.

For investors, these metrics validate ICE's strategic focus on building deep, liquid markets across complementary asset classes. The company's evolution from an energy-focused platform to a diversified global exchange infrastructure demonstrates successful execution of its long-term vision while maintaining leadership in its core energy franchise.

ATLANTA--(BUSINESS WIRE)-- Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that its global futures and options markets reached record open interest (OI) of over 100 million contracts on February 20, 2025, up 11% year-over-year (y/y).

“ICE was founded twenty-five years ago with a mission to better serve global markets by making markets more transparent and accessible,” said Jeffrey C. Sprecher, ICE Chair & Chief Executive Officer. “We started this mission in energy and in the years since have built the largest energy exchange and clearinghouse in the world, which are part of a network of markets and infrastructure which offer deep liquidity across a range of asset classes. The open interest at ICE today reflects the critical role derivatives markets play in helping the market manage risk, and we thank our customers for their business and their trust in choosing ICE.”

The records hit on February 20, 2025, include:

• Record open interest across ICE’s global commodities markets of 68.7 million across futures and options, of which a record 65.3 million is in energy-related contracts.
• Record open interest across ICE’s total natural gas futures and options markets of 43.8 million contracts, including record open interest in ICE’s North American natural gas futures and options of 37.9 million, and record open interest in ICE Henry Hub futures of 8.7 million.

In addition, on February 19, 2025, ICE saw record trading volume of 3.2 million in ICE’s total natural gas futures and options, surpassing the record last set in 2012. This included trading volume of 1.5 million ICE Henry Hub futures, which was the highest volume day since 2018.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates 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 ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.

Category: EXCHANGES

ICE-CORP

Source: Intercontinental Exchange

View source version on businesswire.com: https://www.businesswire.com/news/home/20250225602839/en/

ICE Media:

Rebecca Mitchell

rebecca.mitchell@ice.com

+44 7951057351



ICE Investor:

Katia Gonzalez

katia.gonzalez@ice.com

(678) 981-3882

Source: Intercontinental Exchange

FAQ

What record did ICE achieve in February 2025?

ICE achieved record open interest of over 100 million contracts in its global futures and options markets on February 20, 2025, representing an 11% increase year-over-year.

How much open interest did ICE report in its energy-related contracts?

ICE reported record open interest of 65.3 million contracts in energy-related futures and options as part of its February 20, 2025 milestone.

What was ICE's record trading volume for natural gas futures and options?

ICE set a record trading volume of 3.2 million contracts in total natural gas futures and options on February 19, 2025, breaking the previous record established in 2012.

How much did ICE's open interest grow year-over-year in February 2025?

ICE's open interest across global futures and options markets grew by 11% year-over-year, reaching over 100 million contracts on February 20, 2025.

What was the record open interest for ICE Henry Hub futures in February 2025?

ICE Henry Hub futures reached a record open interest of 8.7 million contracts on February 20, 2025.

How long has ICE been operating according to the February 2025 announcement?

According to CEO Jeffrey Sprecher's statement in the announcement, ICE was founded twenty-five years ago, making it approximately 25 years old as of February 2025.