Open Outcry is Silenced at ICE

A little more than a year ago, only one in ten options on futures were traded electronically at Atlanta-based Intercontinental Exchange (ICE). Today, three in four are traded electronically. In three months, it will be all of them.

ICE is transitioning all of its options on futures away from its New York trading floor and onto its electronic platform as of October 22, marking the end of an era for the 12-year-old exchange. Though open outcry has been eliminated, the floor will remain open for member brokers and prop traders to access the electronic platform.

In addition to going through floor brokers, the platform can also be accessed via the WebICE front-end or broker or vendor solutions.

"The rapid adoption of electronic trading by options market participants is strong validation of the capabilities ICE has built into its electronic trading platform," says Ben Jackson, president of ICE Futures US.

Electronic trading of options and futures was introduced in March of 2008, when it became the sole method of trading ICE futures.