SME Times is powered by   
Search News
Just in:   • Tier 2 and 3 Indian cities to emerge as pivotal real estate growth hubs in 2025  • India’s Jaduguda Mines discovery extends uranium resources by over 50 years: Govt  • Australia 'excited to play' at inaugural Kho Kho World Cup   • Indian startup ecosystem raises over Rs 29,200 crore in 2024, witnesses record 13 IPOs  • K’taka govt employee digitally arrested for six hours, robbed of Rs 19 lakh 
Last updated: 27 Sep, 2014  

IntercontinentalExchange Introduces New FX Products

PR Newswire | 26 Nov, 2012
IntercontinentalExchange Introduces New FX Products; First U.S. Exchange to Offer Indian Rupee Futures Contract

NEW YORK: IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, announced today it will launch two new cash-settled foreign exchange futures contracts on ICE Futures U.S. for the trade date of Monday, January 28, 2013. The new contracts are:

Currency Pair

Exchange Symbol

Contract Size

Indian rupee / U.S. dollar

KIU

2,000,000 rupee

Brazil real / U.S. dollar

KBX

100,000 real

"The addition of the Indian rupee and Brazilian real futures contracts recognizes the significant and increasing commercial importance of these nations," said ICE Futures U.S. Vice President Ray McKenzie.  "In particular, interest in emerging market non-deliverable forward currencies from a range of market participants, including CTAs and funds, has been growing in recent years."

The Indian rupee futures contract offered by ICE is the first U.S. exchange futures contract on this currency.

"As the first U.S. exchange to list a rupee contract, we are offering customers the ease of doing business in a regulated futures environment for execution and clearing," added McKenzie.

ICE offers more than 60 FX futures contracts, including the industry benchmark ICE U.S. Dollar Index®, the most widely recognized benchmark for the value of the U.S. Dollar. The new contracts further enhance the suite of currency products ICE offers to market participants, providing additional tools for currency risk management and capital efficient position margining.

The contracts will be listed on the ICE platform, which features sub-millisecond execution speeds, and are eligible for the waiver of exchange and clearing fees for electronically-executed currency pair futures which extends into 2013. The contracts also are available for exchange-for-physical (EFP) transactions and block trading. There are no EFP surcharges beyond the standard exchange and clearing fees of $0.30 per contract side for emerging market currencies.

About IntercontinentalExchange
IntercontinentalExchange (NYSE: ICE) is a leading operator of regulated futures exchanges and over-the-counter markets for agricultural, credit, currency, emissions, energy and equity index contracts. ICE Futures Europe hosts trade in half of the world's crude and refined oil futures. ICE Futures U.S. and ICE Futures Canada list agricultural, currencies and Russell Index markets. ICE is also a leading operator of central clearing services for the futures and over-the-counter markets, with five regulated clearing houses across North America and Europe. ICE serves customers in more than 70 countries. www.theice.com  

The following are trademarks of IntercontinentalExchange, Inc. and/or its affiliated companies: IntercontinentalExchange, ICE, ICE and block design, ICE Futures Europe, ICE Clear Europe, ICE Clear Canada, ICE Clear US, ICE Futures U.S., and ICE OTC. All other trademarks are the property of their respective owners. For more information regarding registered trademarks owned by IntercontinentalExchange, Inc. and/or its affiliated companies, see https://www.theice.com/terms.jhtml

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange'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, 2011, as filed with the SEC on February 8, 2012, and ICE's Quarterly Reports on Form 10-Q for the quarters ended June 30, 2012, as filed with the SEC on August 1, 2012 and September 30, 2012, as filed with the SEC on November 5, 2012.

ICE-IXFX

SOURCE IntercontinentalExchange

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Will the new MSME credit assessment model simplify financing?
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter