Intercontinental Exchange to Launch New Low

Global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets operator Intercontinental Exchange will launch September 19 next month ICE Low Sulphur Gasoil Futures and Options contracts on ICE Futures Europe. The operator also announced the introduction of 13 OTC Low Sulphur Gasoil Swaps cleared by ICE Clear Europe, in a media release. All of the new contracts will be available for the trade date of Monday, September 19 and are subject to regulatory approval. ICE Futures Europe President and COO David Peniket said, "We are pleased to announce the launch of ICE Low Sulphur Gasoil Futures, which follows an extensive consultation period with market participants. The contract will meet long term hedging requirements in the global distillate market, and especially in Europe which is increasingly moving towards a low sulphur, 10ppm diesel grade." The ICE Low Sulphur Gasoil Futures contract will be based on a 0.001% sulphur (10ppm) diesel barge specification and will trade from the January 2012 contract and delivery month, out to December 2016. The existing ICE Gasoil Futures contract will continue to trade as per its current 0.1% sulphur (1,000ppm) specification, up to and including January 2015.