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Intercontinental Exchange reports record March and first quarter volumes

Intercontinental Exchange

ATLANTA & NEW YORK, U.S. – Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today reported March and first quarter 2020 trading volume, related revenue statistics and provided an updated operating expense outlook.

The trading volume and revenue related statistics can be viewed on the company’s investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.

“In this volatile period, we are grateful to our customers who rely on our dependable, stable and resilient systems amid record activity across every asset class,” said Ben Jackson, President of Intercontinental Exchange. “We’re working around the clock to help ensure the orderly functioning of our markets, providing our customers with the critical risk management tools that these markets provide.”

Highlights include:

March Volumes at Intercontinental Exchange:

  • Record futures & options average daily volume (ADV) of 9.4M lots, up 56% y/y; record open interest (OI) of 84.4M lots reached on March 12, 2020; March OI up 7% y/y
  • Record energy ADV of 4.4M lots, up 82% y/y; record energy OI of 45.9M lots reached on March 25, 2020; March OI up 24% y/y
    • Record oil ADV up 85% y/y; Record OI of 15.3M lots reached on March 25, 2020; March OI up 24% y/y
    • Record Brent ADV up 87% y/y; Record OI of 6.1M lots reached on March 25, 2020; March OI up 27% y/y
    • Record WTI ADV up 82% y/y; Record futures OI of 698k lots reached on March 26, 2020; Total March OI up 7% y/y
    • Gasoil ADV up 42% y/y
    • Record other crude & refined products ADV up 63% y/y; record OI of 7.0M lots reached on March 30, 2020; March OI up 32% y/y
    • Record heating oil ADV up 744% y/y; OI up 4% y/y
    • North American natural gas ADV up 88% y/y; Record futures OI of 15.7M lots reached on March 26, 2020; Total March OI up 26% y/y
    • European natural gas ADV up 50% y/y; Record OI of 3.5M lots reached on March 26, 2020; March OI up 49% y/y
    • Record emissions ADV up 96% y/y; OI up 15% y/y
  • Agriculture & metals ADV of 571K lots, up 39% y/y; OI up 7% y/y
    • Sugar ADV up 48% y/y; OI up 20% y/y
    • Cocoa ADV up 20% y/y; OI up 3% y/y
    • Coffee ADV up 44% y/y
    • Cotton ADV up 38% y/y
  • Record interest rate futures ADV, up 20% y/y
    • Sterling ADV up 37% y/y; Record futures OI of 4.7M lots reached on March 2, 2020
    • Euribor ADV up 31% y/y
    • Gilts ADV up 26% y/y
  • Record equity indices ADV of 1.0M lots, up 63% y/y
    • Record MSCI ADV up 71% y/y; Record OI of 2.8M lots reached on March 17, 2020; March OI up 6% y/y
    • FTSE ADV up 53% y/y
  • NYSE cash equities ADV of 3.9B shares, up 96% y/y
  • NYSE equity options ADV of 5.1M, up 55% y/y

1Q20 Volumes at Intercontinental Exchange:

  • Record futures & options average daily volume (ADV) of 8.0M lots, up 42% y/y
  • Record energy ADV of 3.9M lots, up 54% y/y
    • Record oil ADV up 64% y/y
    • Record Brent ADV up 56% y/y
    • Record WTI ADV up 40% y/y
    • Record gasoil ADV up 48% y/y
    • Record other crude & refined products ADV up 55% y/y
    • Record heating oil ADV up 643% y/y
    • North American natural gas ADV up 32% y/y
    • Record European natural gas ADV up 83% y/y
    • Record emissions ADV up 24% y/y
  • Record agriculture & metals ADV of 588K lots, up 31% y/y
    • Record sugar ADV up 45% y/y
    • Cocoa ADV up 11% y/y
    • Coffee ADV up 23% y/y
    • Cotton ADV up 31% y/y
  • Record interest rate ADV of 2.9M lots, up 28% y/y
    • Record Sterling ADV up 45% y/y
    • Euribor ADV up 17% y/y
    • Record Gilts ADV up 13% y/y
  • Equity indices ADV up 47% y/y
    • Record MSCI ADV up 62% y/y
    • FTSE ADV up 32% y/y
  • CDS gross notional cleared up 61% y/y
  • NYSE cash equities ADV of 2.7B shares, up 45% y/y
  • NYSE equity options ADV of 4.7M, up 41% y/y

Updated Expense Guidance: ICE expects 1Q20 and FY 2020 GAAP operating expenses to be in the range of $663 million to $673 million and $2.607 billion to $2.657 billion, respectively. Non-GAAP adjusted operating expenses1 for 1Q20 and FY 2020 are expected to be in the range of $584 million to $594 million and $2.320 billion to $2.370 billion, respectively. Revised adjusted expense guidance for 1Q20 includes approximately $4 million related to the February 2020 acquisition of Bridge2 Solutions and a $10 million charitable contribution in support of COVID-19 relief efforts. Revised full-year adjusted expense guidance includes approximately $35 million of adjusted expenses related to the February acquisition of Bridge2 Solutions and the $10 million charitable contribution in support of COVID-19 relief efforts. Bridge2 Solutions adjusted operating expenses are expected to be offset by related revenues in both 1Q20 and FY 2020.

(1) 1Q20 and FY 2020 non-GAAP adjusted operating expenses exclude acquisition-related success fees and amortization of acquisition-related intangibles.