ICE introduces new FX contracts

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The IntercontinentalExchange (ICE) has launched two new cash-settled foreign exchange futures contracts.

The firm has introduced contracts in the Brazilian real and the Indian rupee against the US dollar on ICE Futures US for the trade date of January 28. The rupee contract is the first US exchange futures contract in the currency.

Ray McKenzie, ICE Futures US vice president, says the addition of the rupee and the real recognizes the increasing commercial importance of India and Brazil.

"In particular, interest in emerging market non-deliverable forward currencies from a range of market participants, including CTAs and funds, has been growing in recent years," he says. "We are offering customers the ease of doing business in a regulated futures environment for execution and clearing."

Atlanta-based ICE offers more than 60 foreign exchange futures contracts, including the benchmark Dollar Index.