ICE Reports Record Trading in SONIA as the Market Manages New Expectations for U.K. Interest Rates
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that a record 1.37 million SONIA futures and options contracts traded on May 24, 2023, as the market manages new expectations for U.K. interest rates.
On May 24, 2023, over 1 million SONIA futures traded, with high levels of activity in the June, September and December 2023 SONIA contract months.
"As the market digests the latest U.K. inflation data and reviews expectations for interest rate changes, investors are using SONIA futures and options to manage and adjust their exposure for the potential of higher interest rates to continue for longer in the U.K.," said Caterina Caramaschi, Vice President, Financial Derivatives at ICE.
Open interest across SONIA futures and options is 2.6 million contracts, up 28% since the start of the year, with open interest out to December 2028.
SONIA is one part of ICE's leading European interest rates franchise, offering customers the most liquid markets to trade U.K. and European interest rate futures and options, including the European interest rate benchmark Euribor and the Long Gilt benchmark for U.K. government bond yields. Open interest in ICE's interest rate franchise is up 14% this year at 18.7 million contracts, including open interest up 11% in Euribor at 15.2 million, and up 50% in Gilts at 584,000 contracts.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: CE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
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 here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading "Key Information Documents (KIDS)."
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, 2022., as filed with the SEC on February 2, 2023.
Source: Intercontinental Exchange
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