ICE Millions Added In November

ICE Futures U.S.(TM) will launch a suite of million-currency-unit foreign exchange (FX) futures contracts on November 6, 2008. The new futures contracts, known as ICE Millions and first announced on September 24, combine the benefits of futures and OTC products, bringing additional transactional efficiencies and risk management tools to the FX marketplace. ICE Millions are ten times the notional value of the existing suite of ICE FX futures and options contracts. ICE Futures U.S. also lists the U.S. Dollar Index(R) futures, which will remain the existing notional size of $1000 times the index value.\

The following contracts comprise the suite of 12 FX pairs:

Million Euro-U.S. dollar (IEO)
Million British pound - U.S. dollar (IMP)
Million U.S. dollar - Canadian dollar (ISV)
Million U.S. dollar - Japanese yen (ISN)
Million U.S. dollar - Swiss franc (IMF)
Million U.S. dollar - Swedish krona (IKX)
Million Euro - British pound (IGB)
Million Euro - Canadian dollar (IEP)
Million Euro - Japanese yen (IEJ)
Million Euro - Swedish krona (IRK)
Million Euro - Swiss franc (IRZ)
Million Aussie dollar - U.S. dollar (IAU)


Beginning November 6, ICE Millions will trade electronically on the ICE trading platform, which features the fastest trade execution times in the futures industry today. The primary benefits of the ICE Millions contracts include:

-- Centralized clearing and transaction anonymity, both of which are inherent in futures market transactions;
-- Transaction cost efficiencies compared to existing futures and OTC FX offerings;
-- Deep liquidity with at least 10 market makers;
-- Contract prices quoted using over-the-counter market convention (i.e.: the Million Euro-U.S. dollar contract will be quoted in U.S. dollars per Euro to five decimal places).
-- The rate for ICE Millions futures contracts is $1.35 per side, or per million currency unit, inclusive of exchange and clearing fees.
-- Simplicity of hedging cash market exposure with OTC-style contract design and quotation methodology for funds and proprietary traders active in the cash FX markets; and
-- Elimination of the need to roll daily cash positions.