In an effort to improve access and reduce connectivity costs to its electronic energy trading platform, Atlanta, GA-based IntercontinentalExchange (ICE) reported Wednesday it has opened a new telecommunications hub for the New York City metropolitan area. The company also reported that the exchange posted record Gas Oil (heating oil) volumes on Monday.
The new telecommunications hub is located at the AT&T Data Center in Secaucus, NJ and is expected to benefit the company’s electronic trading platform participants in the New York metropolitan area. ICE has opened telecommunications hubs to serve the world’s key energy trading centers, with other regional hubs in London, Singapore and Chicago. Market participants can use these hubs to access ICE’s energy futures and over-the-counter (OTC) markets, and ICE can customize the bandwidth size for their connections, as well as the type of circuits they require to meet their specific data needs.
On Tuesday, the company announced record volume in trading Monday in the Gas Oil futures contract listed at its subsidiary, ICE Futures. Gas Oil futures volume of 110,498 on July 10 marked the first time volume the contract has exceeded 100,000 contracts, surpassing by more than 12% the previous record of 98,474 contracts established on March 8, 2006. The Gas Oil futures contract also set two consecutive open interest records late last week, with 248,659 contracts on July 6, and 255,440 contracts on July 7.
Introduced in 1981, the exchange said Gas Oil was the first ICE Futures contract launched. “Today the ICE Futures Gas Oil contract is the leading heating oil futures contract by traded volume, and it serves as a significant pricing benchmark for refined oil products, particularly in Europe, Asia and the Middle East,” the company said.
ICE offers a range of contracts based on crude oil and refined products, natural gas, power and emissions. It conducts its futures markets through its regulated London-based subsidiary, ICE Futures.
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