ICE Announces First Trade in New Italian PSV Futures Contracts; ICE PSV is the First Cleared Physically Delivered Gas Futures Contract in Italy
Intercontinental Exchange (NYSE:ICE), the leading global network of
exchanges and clearing houses, today announced the first trade in the Italian
PSV futures contract at ICE
Endex.
The first Italian (Punto di Scambio Virtuale – Virtual Trading Point;
PSV) futures trade represented 5 MW for delivery in October 2015. The
two counterparties to the trade were Axpo Italia S.p.A., the Italian
energy trading subsidiary of Axpo Group and Electrade S.p.A., a European
energy trading company. The trade was cleared by ICE
Clear Europe.
Announced
in June, and in compliance with Italian law, ICE is the first
exchange to create a cleared solution for physically delivered Italian
natural gas futures contracts. ICE has introduced physically delivered
PSV natural gas futures contracts in cooperation with Gestore dei
Mercati Energetici S.p.A (GME), Snam S.p.A., and the Italian authorities.
"ICE is pleased to announce that Axpo Italia and Electrade were the
first market participants to trade PSV futures. We have seen strong
interest from market participants based in Italy and across Europe and
this trade between two established Italian energy firms is a clear
demonstration of the support we are receiving,” said Pieter Schuurs,
President, ICE Endex. “Our joint initiative with GME, Snam and the
Italian authorities is designed to attract additional liquidity to the
maturing Italian natural gas futures market, as well as provide the
market with a solid PSV price index in the future.”
Market participants trading PSV contracts on the ICE trading platform
can trade implied and locational spreads between ICE’s natural gas hubs,
such as the Title Transfer Facility (TTF) in the Netherlands and PSV.
The counterparties, Axpo Italia and Electrade, confirmed their
participation in the first transaction at the request of ICE.
About Intercontinental Exchange
Intercontinental Exchange (NYSE:ICE) operates the leading network of
regulated exchanges and clearing houses. ICE’s futures exchanges and
clearing houses serve global commodity and financial markets, providing
risk management and capital efficiency. The New York Stock Exchange is
the world leader in capital raising and equities trading.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual property
rights of Intercontinental Exchange, Inc. and/or its affiliates is
located at www.intercontinentalexchange.com/terms-of-use
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995 - Statements in this press release regarding ICE'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, 2014, as filed with the SEC on February 5, 2015.
SOURCE: Intercontinental Exchange
ICE-ENGY
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Copyright Business Wire 2015
Source: Business Wire
(September 14, 2015 - 9:58 AM EDT)
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