Canada is the fourth largest oil producer in the world, behind the U.S., Saudi Arabia and Russia. Canada is by far the biggest supplier of crude oil to the U.S., with more Canadian barrels making it to the U.S. Gulf Coast every year for both domestic use and re-export.
ICE currently calculates Canadian Crude indices from physical crude trades transacted by CalRock Brokers, which are the basis of ICE’s benchmark Canadian crude futures contracts. In early 2023, One Exchange data will be added to the pricing for the ICE 1a indices which underpin ICE’s Canadian futures contracts, signicantly increasing the number of physical crude transactions which underpin these indices.
These futures contracts include the most liquid Canadian nancial crude future Western Canadian Select (contract code TMW), as well as the Light Sweet Crude (TMR), Condensate C5 (TMF), and Clearbrook Bakken Sweet (TMU) futures.
“One Exchange is excited to collaborate with Calrock by contributing to the ICE 1a group of Canadian crude indices and we view this as a very important step forward for the Canadian oil market,” said Perry Undseth, President and CEO at One Exchange. “Combining One Exchange and Calrock physical volumes into the ICE Canadian Crude Indices will help ensure that Canadian physical crude volumes can continue to be accurately hedged using the related ICE futures contracts.”
“The market increasingly relies on ICE’s Canadian crude futures and adding One Exchange’s physical crude trade data will expand the set of physical trade data that determines the ICE 1a index prices,” said Alex Dolaptchiev, Senior Director at CalRock. “The addition of One Exchange will further solidify ICE Canadian crude indices as the most accurate reection of physical crude pricing in Canadian crude markets, while future developments of pipeline capacity of up to 890,000 barrels per day to Canada’s West Coast mean Canadian grades will continue to gain relevance in international markets.”
CalRock Brokers is a premier broker for Canadian and U.S. crude oil grades and was acquired by ICE in 2017 as part of the acquisition of the Natural Gas Exchange, now ICE NGX.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide nancial technology and data services across major asset classes that oer our customers access to mission-critical workow tools that increase transparency and operational eciencies. 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 xed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more eciently. 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 aliates 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 aliates 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 dier from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) lings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2021, as led with the SEC on February 3, 2022.
About One Exchange
One Exchange Corp is a leading voice and electronic broker for North American energy markets. We have continually grown and adapted with the industries that we serve oering a high level of service and technology. We provide liquidity to our trading clients covering physical and nancial transactions for North American Crude Oil, Natural Gas, Butane and Propane markets. Our customers rely on us for liquidity, transparency, detailed mark to market settlement curves, market commentary and historical data. Our market liquidity is enhanced by our proprietary web-based trading software, oering our customers API connectivity and a mobile application. Category: EXCHANGES
Source: Intercontinental Exchange
ICE Media Contact:
+44 7951 057 351
ICE Investor Contact:
One Exchange Media Contact:
O: (403) 517-5270
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Source: Intercontinental Exchange
One Exchange Corp donated 50% of its brokerage revenue on November 16th, 2022 to Carya (www.caryacalgary.ca), a Calgary organization (formerly known as Calgary Family Services) which has been actively helping Calgarians since 1910. These donations are to be directed specifically to Carya’s Youth Engagement programs. One Exchange is very proud to be able to assist Carya with much needed funds to keep these important programs running.
By reaching out to vulnerable youth, Carya’s hands-on programming works to build resilience, self-esteem, and optimism among these young people. Carya’s team works to build relationships and to help develop social and emotional skills among youth. Evidence shows that this skill development translates into stronger family and community networks, the foundation of our province’s long-term prosperity and success.
Every dollar donated to Carya stays in Calgary and helps to build a stronger community for all of us.
One Exchange Corp donated the remaining 50% of its brokerage revenue on November 16th, 2022 to the Calgary Food Bank (www.calgaryfoodbank.com). With year over year increases in the price of fuel, clothing, and food, a growing number of people in Calgary and across the country are having a harder time putting healthy food on the table. According to Foodbanks Canada, “the food bank use is up 35% from 2019 and almost 50% of us are buying less food or lower quality food to make ends meet.” One Exchange Corp is very pleased to be able to donate to such an important charity.
Additionally, I want to acknowledge our customers who stepped up and made this charity effort such a success.
Perry Undseth President, One Exchange Corp
If you would like to contribute to either or both of these very important charities, please click the logo's below.
Please connect with us on social media, tag us @calgaryfoodbank in your photos. You can find us on Twitter, Facebook and Instagram. Don’t forget to use hashtag #FeedYYC as well as #CalgaryFoodBank. Thank you for supporting the Calgary Food Bank!!
November 2019 - The Daily Oil Bulletin (DOB), Canada’s leading source for oil and gas news, data and analysis, has today announced that it has joined the Canadian Crude Index Alliance (CCIA), a Canadian crude benchmark that aggregates the crude index data of Marex Spectron and One Exchange, two leading energy brokers.
The DOB will become the new publisher of the CCIA, replacing Canadian Enerdata that helped found the CCIA in 2017. This move comes as the incumbent, Enerdata’s Richard Zarzeczny, has decided to retire. The CCIA will continue to provide real time and daily trading information on a wide variety of western Canadian crude grades, condensate and butane. These essential data sets will be available via the Daily Oil Bulletin website and delivered in daily e-mail alerts starting December 1, 2019.
“The DOB is used by nearly every producer, midstream and trading organization operating in Canada,” said Bemal Mehta, Senior Vice-President, Energy Intelligence, for the JuneWarren- Nickle’s Energy Group. “We believe that the wide availability of this pricing information will help the industry make better decisions.”
The DOB is a digital news and data product of the JuneWarren-Nickle’s Energy Group. Hunter Baldwin, Managing Director North America and Joint head of Global Energy at Marex Spectron, added: “Over the past two years the CCIA has been a great success in establishing a third-party aggregated index for Canadian Crude, with better liquidity and more accurate pricing. We welcome Daily Oil Bulletin and thank Richard for the strategic role and knowledge that he has brought to this project.”
Perry Undseth, President of One Exchange, commented: “We are happy to be working with the DOB and Marex Spectron to further integrate the CCIA into the Canadian crude and NGL marketplace. Moving forward with the DOB will continue to make the CCIA index the benchmark of choice and will provide customers with better trading and hedging opportunities by increasing liquidity and attracting new market participants in both physical and financial products. Tying financial instruments to a broader, more comprehensive benchmark offers significant improvements to liquidity over the existing market mechanics.”
Daily Oil Bulletin Access and Trial
Jackie Dupuis (firstname.lastname@example.org; 1-403-209-3507).
Perry Undseth, One Exchange +1-215-5507 | PUndseth@oneexchangecorp.com
Bemal Mehta, Energy Intelligence +1 403-333-4496 | email@example.com
Alastair Crabbe, Marex Spectron + 44 (0) 20 7650 4104 | firstname.lastname@example.org
Notes to Editors
The Daily Oil Bulletin (DOB) is the leading source for Canadian Oil and Gas news and intelligence. The DOB is a digital news and data product of the JuneWarren-Nickle’s Energy Group, which is a division of Glacier Media. Glacier Media is a Canadian business information and media products company. It provides news, market information and sector-specific data within North America and internationally.
Marex Spectron Group Limited Marex Spectron is a leading global commodities brokerage, with significant market share of many major agricultural, metal and energy products. Headquartered in London, Marex Spectron’s extensive international network covers Europe, Asia and North American markets. State-of-the-art electronic and voice broking services facilitates all types of trading strategies. This is backed by decades of experience, with Marex Spectron placing great emphasis on intellectual knowledge and insight, alongside access to extensive data sets and the latest analytical tools.
One Exchange Based in Calgary, Alberta, One Exchange Corp. (OX) is a leader in voice and electronic brokering for the North American Natural Gas and Crude Oil markets. Equipped with more than 100 years of combined experience in the energy sector, OX offers a sophisticated and comprehensive approach to your trading and hedging needs.
Full Press Release
These contracts are based on Enerdata’s Canadian Consolidated Indices (CCI), which are consolidated from trades of the underlying physical Canadian Crude market. Marex Spectron and One Exchange, leading energy brokers, will contribute execution data to the indices in real-time, independent of NFX and Enerdata.
The NFX range of Canadian crude futures contracts includes:
NWC NFX (C.C.I.) Western Canadian Select Crude Oil Basis Futures NSP NFX (C.C.I.) Canadian Synthetic Sweet Crude Oil Basis Futures NSR NFX (C.C.I.) Canadian Sour Crude Oil Basis Futures NSW NFX (C.C.I.) Canadian Light Sweet Crude Oil Basis Futures NC5 NFX (C.C.I) Canadian Condensate (C5) Basis Futures
These futures contracts are demand driven, with market participants seeking to hedge the basis risk of a significant volume of barrels not covered by traditional contracts.
Kevin Kennedy, CEO of NFX added: “Adding the CCI Futures to the NFX energy product suite expands our North American crude oil portfolio into Canada, and, combined with the low cost NFX platform, can bring significant value to the Canadian crude oil trading and hedging community.”
Ian Lowitt, CEO Marex Spectron added: “Having successfully launched CCI last year following demand from our clients, it has become an established industry benchmark for Canadian crude. Given the greater liquidity of the Enerdata indices, partnering with Nasdaq to offer futures contracts is the logical step forward.”
Richard Zarzeczny, President of Canadian Enerdata, added: “The launch of the NFX CCI Futures contracts is a significant step forward for the Canadian crude oil industry. They offer market participants with extremely competitive risk management alternatives based on credible, independent, real time price benchmarks representing a significant portion of the Canadian crude oil market.”
Perry Undseth, President of One Exchange, commented: One Exchange is excited to work with Nasdaq in delivering a new suite of products to the Canadian oil market. For some time, our clients have been asking for a solution to the fragmented benchmark for Canadian crude oil contracts. The CCI framework/methodology has addressed industry concerns by delivering a single benchmark through an independent publisher (Canadian Enerdata) who delivers the data in real-time. The launch of the NFX CCI financial contracts now allows eligible market participants to effectively hedge physical exposure against a single consolidated benchmark that is comprised of more than a single source of data.
Full Press Release
GLOBE AND MAIL
TMX Group Ltd. will pay $592-million in cash to buy Trayport Holdings Ltd. from Intercontinental Exchange (ICE) Inc., which also owns the New York Stock Exchange. TMX will pay for the remaining $339-million by selling Natural Gas Exchange Inc. (NGX) and oil brokerage Shorcan Energy Brokers Inc. to ICE.
Trayport is a technology platform that brings together pricing information and trading activity in commodities, including power, natural gas, coal and oil, across multiple marketplaces. It operates in 42 countries, with an emphasis on Europe. Its clients are a mix of brokers, exchanges and clearinghouses.
TMX says the deal will help it bolster its data and analytics business, pursue growth outside the Canadian market and generate a larger slice of revenue that’s recurring instead of transaction-based. The development brings new competition to an active part of the energy business used by experts who make deals to supply Canadian oil and gas to buyers across the continent. “This is a play in technology-driven solutions, but it’s also a major play in global energy markets,” said Lou Eccleston, chief executive at TMX. “Trayport is a player in the global energy market, which is going to grow.”
A subscription to Trayport gives clients access to reams of energy market data, as well as analytics tools that can be employed to better understand this data. It is also a place where different market participants can interact virtually.
Founded in 1993, Trayport has 240 employees across offices in London, New York and Singapore. During the past 12 months, Trayport has generated $99-million in revenue. By contrast, in the year through June 30, NGX and Shorcan recorded $59-million in sales.
Mr. Eccleston said TMX has its sights set on expanding the Trayport platform into new asset classes and entering new regions. The technology is flexible, so that if a new asset class in, for example, clean tech takes off, Trayport can move into that market, Mr. Eccleston said. The sale of Trayport comes months after British competition authorities ruled that ICE had to sell the business to preserve competition in the European energy-trading market. ICE, which is headquartered in Atlanta, is no stranger to Canada. It also operates ICE Futures Canada, the country’s Winnipeg-based derivatives market for agriculture.
NGX is the dominant platform for wholesale natural gas trade in Canada, providing electronic trading, clearing and data. It is best known for developing the AECO gas storage hub in southeastern Alberta into a benchmark for pricing for the fuel, which it expanded into the United States more than a decade ago. NGX also hosts electricity trading.
Shorcan Energy Brokers provides a similar platform for crude oil, such as Western Canada Select, the heavygrade crude that is frequently quoted as a benchmark. That part of the business has faced increasing competition, with the entry last year of Europe’s Marex Spectron.
In efforts to consolidate the fragmented market and avoid price discrepancies, Marex Spectron and a local player, One Exchange, have teamed up to offer a single benchmark for WCS oil prices and have invited Shorcan and another major rival, Net Energy Inc., to join the effort.
“We did not do this to sell those businesses,” said Mr. Eccleston, of NGX and Shorcan. “They weren’t up for sale. They happened to be a compelling reason for ICE to do this deal with us.” The sale of NGX and Shorcan to ICE is subject to regulatory approval, including from the Canadian Competition Bureau. If the sale doesn’t close within the next 45 days, TMX’s acquisition of Trayport can be separated from the sale of NGX and Shorcan to ICE. The price of Trayport would be then $931-million in cash, whereas NGX and Shorcan would be sold for $339-million in cash.
And if the closing doesn’t occur within 90 days, ICE can choose to back out of its purchase of NGX and Shorcan. Barclays advised TMX on the deal. Shares of TMX rose 1 per cent, or 95 cents, to $67.49 in early trading on Friday. The company’s stock has slid 6 per cent so far in 2017. TMX Group (X) Close: $67.86, up $1.36
One Exchange and Marex Spectron say aggregating their indices into one will provide more clarity in the Canadian cash market, greater liquidity and more accurate benchmark pricing for trading financial contracts.
At present the Canadian crude market is served by a number of brokers offering different indices, the two largest being Net Energy and Shorcan Energy.
Industry players estimate around 80 percent of trading in the benchmark heavy Canadian grade Western Canada Select (WCS) goes through Net Energy and Shorcan.
The Canadian Crude Index Alliance (CCIA) will cover the whole spectrum of crude grades from WCS to synthetic crude and condensate, said Perry Undseth, president of One Exchange.
Undseth said the firms “believe that CCIA will provide customers with better trading and hedging opportunities by increasing liquidity and attracting new market participants in both physical and financial products.”.
The CCIA will invite other brokers to join the new index, Undseth said. Neither Net Energy or Shorcan immediately responded to requests for comment.
(Reporting by Nia Williams; editing by Grant McCool)
GLOBE AND MAIL
London-based Marex Spectron and One Exchange Corp. of Calgary are launching a new Canadian crude benchmark and extending an offer to rival brokers to join a consolidated index called the Canadian Crude Index Alliance. The brokers say the move is aimed at providing better trading and hedging opportunities as well as attracting new players to a market they say is among the most fragmented in the commodities world, leading to inaccurate pricing on physical and financial trades of Canadian oil.
“We’ve been listening to the market for a long time and there’s a large segment of the market that wants this,” Perry Undseth, president of One Exchange, said in a telephone interview. “If this wasn’t something that we felt would be supported, even though we thought it was a good idea, we probably wouldn’t have proceeded as quickly as we did.” Together, the brokers say they control about one-third of the market for trades in Western Canadian Select (WCS), a blend of heavy crude and oil sands that serves as the benchmark price for the bulk of Alberta’s oil. Net Energy Inc. and Shorcan Energy Brokers, owned by TMX Group Ltd., make up the rest of the market.
Unlike the U.S. benchmark West Texas intermediate oil, prices for WCS are determined by each of the broker participants, leading to discrepancies depending on market activity.
The resulting inefficiencies could cost producers, financial players and even the Alberta government, which markets a portion of the crude it receives in lieu of royalty payments.
In a statement, Marex chief executive Ian Lowitt said the consolidated index “goes a long way to establishing an industry benchmark for Canadian crude that has greater liquidity and more accurate pricing.”
Marex, the world’s largest independent commodities brokerage, opened its Calgary office last year after hiring a trio of oil traders away from rival Shorcan. Marex and One Exchange say their consolidated indices will be available to clients this month through Canadian Enerdata Ltd., an independent priceindex publishing and forecasting company that helped establish the AECO price indices for Alberta natural gas markets in the 1990s.
We’ve been listening to the market for a long time and there’s a large segment of the market that wants this.
CCIA is a major development for the Canadian crude market, in which there are currently a variety of indices compiled by different energy brokers. The consolidation of Marex Spectron’s and One Exchange’s Canadian crude indices through Enerdata, which has pioneered many natural gas indices, is an important step to providing the market with a real-time industry benchmark.
The new indices and the underlying data will be available to clients starting in September free of charge through their broker.
“Clients have told us that they want a single suite of public indices provided by a third party at zero cost,” said Ian Lowitt, Marex Spectron’s Chief Executive Officer. “We are delighted to have executed this first step with One Exchange and Enerdata, and invite other brokers to join the index. CCIA goes a long way to establishing an industry benchmark for Canadian crude that has greater liquidity and more accurate pricing.”
Perry Undseth, President of One Exchange, commented: “We are equally excited to be working with Marex Spectron to provide a solution to the fragmented market environment and believe that CCIA will provide customers with better trading and hedging opportunities by increasing liquidity and attracting new market participants in both physical and financial products. Tying financial instruments to a broader, more comprehensive benchmark offers a significant improvement over the existing market mechanics.”
Richard Zarzeczny, President of Canadian Enerdata, added: “We welcome the opportunity to be part of the CCIA. A consolidated oil price index is in the best interests of the Canadian oil industry as a whole and Enerdata reaches out to all Canadian crude oil brokers to participate.”
Download The Index Methodology
- Ends -
For further information, please contact:
Perry Undseth One Exchange +1 403-215-5507 | PUndseth@oneexchangecorp.com
Richard Zarzeczny Canadian Enerdata +1 905-642-8167 | email@example.com
Alastair Crabbe Marex Spectron + 44 (0) 20 7650 4104 | firstname.lastname@example.org
Index/ Broking enquiries
Tarun Ajwani Marex Spectron +1 587-393-5619 | email@example.com
Perry Undseth One Exchange +1 403-215-5507 | PUndseth@oneexchangecorp.com
Richard Zarzeczny Canadian Enerdata +1 905-642-8167 | firstname.lastname@example.org
Notes to Editors:
Marex Spectron Group Limited
Marex Spectron is a leading global commodities brokerage, with significant market share of many major agricultural, metal and energy products. Headquartered in London, Marex Spectron’s extensive international network covers Europe, Asia and North American markets. State-of-the-art electronic and voice broking services facilitates all types of trading strategies. This is backed by decades of experience, with Marex Spectron placing great emphasis on intellectual knowledge and insight, alongside access to extensive data sets and the latest analytical tools.
Based in Calgary, Alberta, One Exchange Corp. (OX) is a leader in voice and electronic brokering for the North American Natural Gas and Crude Oil markets. Equipped with more than 100 years of combined experience in the energy sector, OX offers a sophisticated and comprehensive approach to your trading and hedging needs.
Canadian Enerdata Ltd. is an independent energy (natural gas, crude oil, gasoline, diesel and fuel oil) information, price index publishing and forecasting company established in 1984. Enerdata was at the forefront in the development of the Alberta ‘AECO’ natural gas price indices throughout the 1990s. Enerdata publishes the Canadian Gas Price Reporter (CGPR), Weekly Canadian Natural Gas Storage Report, Canadian Energy Trends and Natural Gas Forward Prices.
These funds will be used by the Salvation Army to provide "relief" and "recovery" assistance. In the aftermath of Hurricane Harvey, Houston is suffering. As crews continue to rescue and assist flood victims and begin the long clean-up process, One Exchange would like to extend its sincere wishes for progress and success with their recovery efforts.
Perry Undseth President of One Exchange said “The Hurricane Relief Fundraising Day was a huge success for One Exchange. We are happy to have participated as a team in this effort and wish to thank our customers equally for their participation to this worthy cause. Contribution to the Salvation Army will provide much needed aid for the flood victims”
Lt. Col. Ron Busroe added. “Thanks for supporting The Salvation Army’s efforts! Funds raised by One Exchange will allow The Salvation Army to provide food, hydration, cleanup kits, hygiene supplies, and emotional and spiritual care to first responders and survivors,” said Lt. Col. Ron Busroe, The Salvation Army’s National Community Relations and Development Secretary. “With generous support, The Salvation Army will be here to help the millions affected by Hurricane Harvey for as long as they’re in need.”