TTF Natural Gas futures volume in the first week were 1,560 lots, equivalent to over 1 million megawatt hours. As of close of trading on 19 March, the front-month April contract, the May contract, summer 2010, calendar 2011 and calendar 2012 all traded and established open interest. Over ten companies have been active in the market to date. Open interest was 810 contracts at close of business on Friday.
The first trade was executed by Total Gas and Power and Credit Suisse. The counterparties confirmed their participation in the first trade at the request of ICE Futures Europe.
Meindert Witteveen, Head of European energy and freight for Credit Suisse, commented: "The continental gas markets are growing in importance, and we are happy that ICE recognises this by launching the TTF product in this early stage. The ability to trade and clear TTF Dutch gas suits our clients and Credit Suisse' growth into these markets."
David Peniket, President and COO of ICE Futures Europe, said: "We are delighted with the level of activity on the ICE TTF contract and foresee continued growth opportunities with this market. Not only is the volume of trading impressive, but we have also had a diverse group of participants, including producers, suppliers and banks. Participants have recognised immediately the benefits of cross margining with the liquid ICE NBP futures, along with our competitive pricing."
The ICE TTF Natural Gas futures contract is based on the Title Transfer Facility (TTF) in the Netherlands. The contract trades alongside ICE's U.K. NBP Natural Gas futures contract, bringing together two of the most liquid European gas hubs on a single, globally distributed platform for the first time. The ICE NBP Natural Gas futures contract is the leading benchmark for U.K. natural gas, with record volume in excess of 2.7 million contracts in 2009.