ICE to Add One Exchange Data to Its Canadian Crude Indices

Intercontinental Exchange, Inc., a leading global provider of data, technology and market infrastructure, announced that physical crude transaction data from One Exchange Corp will be added to ICE's 1a group of Canadian crude indices which are currently based on ICE affiliate CalRock Brokers transaction data. Based in Calgary, Alberta, One Exchange Corp. (OX) is a leader in voice and electronic brokering for the North American energy 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. Currently, ICE 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 is expected to be added to the pricing for the ICE 1a indices, increasing the number of physical crude transactions which underpin these indices.

These futures contracts include Canadian financial crude future Western Canadian Select (contract code TMW), Light Sweet Crude (TMR), Condensate C5 (TMF), and Clearbrook Bakken Sweet (TMU) futures.

Perry Undseth, President and CEO at One Exchange, said: "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. 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."

Alex Dolaptchiev, Senior Director at CalRock, said: "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. The addition of One Exchange will further solidify ICE Canadian crude indices as the most accurate reflection 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."

ICE has been paying attention to the crude oil market recently. In October, the exchange launched real-time physical crude oil pricing​ from Link Data Services​, in cooperation with Link Crude Resources ("Link"), one of the largest brokers of physical North American crude, bringing additional transparency to the North American crude market.