IntercontinentalExchange (ICE) At New 52-Week High on Floor-to-Electronic Trading News

IntercontinentalExchange (NYSE: ICE) announced yesterday after the closing bell that the Board of Directors of its ICE Futures U.S. branch has approved the closing of "open-outcry" or "floor" trading of futures contracts. Starting March 3, 2008, these trades will be made exclusively through ICE's electronic platforms. The switch from the classic open-outcry method to electronic follows an industry trend as electronic trading lowers costs, hastens the trading process and increases overall volume, certainly making exchanges more profitable.

Similarly, ICE announced that futures options will continue trading on the floor, or in an open-outcry form, while ICE makes plans to switch these instruments to only electronic trading by next year.

Investors are responding positively to the news, as shares of IntercontinentalExchange are up by more than 5% this morning. ICE stock also had a good day yesterday after Goldman Sachs added the Company's stock to its "Conviction Buy List", driving the stock to a new 52-week high. Shares of ICE have once again hit a new 52-week high today at $191.13.

You May Also Be Interested In

• NYSE Texas opens Dallas headquarters at Old Parkland campus
• Zentek shares to move from Nasdaq to OTC Markets on Sept. 2
• Trilogy Metals signs $35.6M investment deal with U.S. Dept. of War