Volumes and transactions have soared on IntercontinentalExchange (ICE), as Enron’s financial troubles have mounted causing credit concerns for counterparties on its online trading system, EnronOnline. ICE reported record volumes last week in its strongest weekly performance in its 13-month history.
The company saw a 34% increase in oil and refined products trading last week to 11 million b/d compared to the weekly average in October. It reported a 34% increase in power volumes to 54 million MWh, and said it had a 30% increase in natural gas transactions, with a 13% increase in overall gas volumes to 950 Bcf last week.
“There has been a clear shift of energy and metal trading activity during October into ICE markets,” said CEO Jeffrey Sprecher. “We believe that this has resulted in part from the uncertainty that has been exhibited in several key energy trading venues over the past several months. These actions suggest that participants are seeking security offered by key ICE attributes — cost efficient and transparent markets with multiple counterparties open to all commercial participants.”
Precious metals trading also has grown to 3 million gold-equivalent ounces traded last week, a 66% increase compared to October’s weekly average.
More than 400 commodity trading firms are ICE participants. The online trading system is installed on more than 7,000 desktops worldwide. The system offers trading in more than 600 commodity and derivative products. Based in Atlanta, ICE also has offices in New York, London, Singapore, Chicago and Houston. It also owns the International Petroleum Exchange of London, which holds regulated open outcry and electronic trading marketplaces for commodity futures and options. For more information on ICE, visit its web site at www.itcx.com.
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