Insights & Analysis

ICE sees 12% bump in July trading volume as energy, rates shine

5th August, 2025|Radi Khasawneh

Intercontinental Exchange (ICE) has reported a 12% rise in July average daily volume (ADV) driven by the performance of the US group's energy and rates markets.

Atlanta-based ICE reported on Tuesday ADV of 8.1 million contracts in July, 12% more than the same month in 2024.

Last month included a single day trading record of 55.4 million lots on July 25, beating the previous high of 55.17 million contracts on May 29.

ICE's energy trading ADV rose a tenth over the period, to 4.5 million lots, adding 9% to overall commodities trading which hit 4.9 million contracts, according to the exchange.

Trading in Brent futures, ICE's largest oil market, rose 4% compared to July 2024 to 1.39 million lots in ADV. Natural gas trading rose 16% on the same basis to a daily average of 1.6 million contracts last month, including a 28% and 43% rise in TTF and Asia gas derivatives respectively.

ICE’s short-term interest rate futures and options market rose 24% year-on-year to an ADV of 2.8 million contracts, driving a 17% increase in financial derivatives to 3.26 million contracts.

Trading in the group's Sterling Overnight Index Average (SONIA) derivatives rose 44% in the period, hitting record open interest of 10.5 million lots on July 31, the exchange said.

Rival CME Group this week reported a 12% dip in trading activity, as reduced uncertainty in US markets caused a drop in hedging activity.

Both exchanges reported record revenues for the second consecutive quarter marking the end of a stellar six months of derivatives trading.

CME booked an all-time revenue high of $1.69 billion (£1.3bn) in the second quarter of 2025 as the exchange group benefitted from market volatility.

ICE last week reported revenue up a tenth in the second quarter of 2025, as derivatives hedging activity drove a second consecutive quarterly record.