Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis imprudence by the Utility operating companies in their execution of their obligations under the System Agreement.
See Note 2 to the financial statements for discussions of this litigation.
In November 2012 the Utility operating companies filed amendments to the System Agreement with the FERC pursuant to section 205 of the Federal Power Act.
The amendments consist primarily of the technical revisions needed to the System Agreement to (i) allocate certain charges and credits from the MISO settlement statements to the participating Utility operating companies; and (ii) address Entergy Arkansas’s withdrawal from the System Agreement.
The LPSC, MPSC, PUCT, and City Council filed protests at the FERC regarding the amendments and other aspects of the Utility operating companies’ future operating arrangements, including requests that the continued viability of the System Agreement in MISO (among other issues) be set for hearing by the FERC.
In December 2013 the FERC issued an order accepting the revisions filed in November 2012, subject to a further compliance filing and other conditions.
Entergy Services made the requisite compliance filing in February 2014 and the FERC accepted the compliance filing in November 2015.
In the November 2015 order, the FERC required Entergy Services to file a refund report consisting of the results of the intra-system bill rerun from December 19, 2013 through November 30, 2015 calculating the use of an energy-based allocator to allocate losses, ancillary services charges and credits, and uplift charges and credits to load of each participating Utility operating company.
The filing shows the following payments and receipts among the Utility operating companies:
## Table 0 ##
In the December 2013 order, the FERC set one issue for hearing involving a settlement with Union Pacific regarding certain coal delivery issues.
Consistent with the decisions described above, Entergy Arkansas’s participation in the System Agreement terminated effective December 18, 2013.
In December 2014 a FERC ALJ issued an initial decision finding that Entergy Arkansas would realize benefits after December 18, 2013 from the 2008 settlement agreement between Entergy Services, Entergy Arkansas, and Union Pacific, related to certain coal delivery issues.
The ALJ further found that all of the Utility operating companies should share in those benefits pursuant to the methodology proposed by the MPSC.
The Utility operating companies and other parties to the proceeding have filed briefs on exceptions and/or briefs opposing exceptions with the FERC challenging various aspects of the December 2014 initial decision and the matter is pending before the FERC.
Utility Operating Company Notices of Termination of System Agreement Participation Consistent with their written notices of termination delivered in December 2005 and November 2007, respectively, Entergy Arkansas and Entergy Mississippi filed with the FERC in February 2009 their notices of cancellation to terminate their participation in the System Agreement, effective December 18, 2013 and November 7, 2015, respectively.
In November 2009 the FERC accepted the notices of cancellation and determined that Entergy Arkansas and Entergy Mississippi are permitted to withdraw from the System Agreement following the 96-month notice period without payment of a fee or the requirement to otherwise compensate the remaining Utility operating companies as a result of withdrawal.
Appeals by the LPSC and the City Council were denied in 2012 and 2013.
Effective December 18, 2013, Entergy Arkansas ceased participating in the System Agreement.
Effective November 7, 2015, Entergy Mississippi ceased participating in the System Agreement.
In keeping with their prior commitments and after a careful evaluation of the basis for and continued reasonableness of the 96-month System Agreement termination notice period, the Utility operating companies filed with the FERC in October 2013 to amend the System Agreement changing the notice period for an operating company to
declaration of any dividends will be determined quarterly by the board or audit committee of the board of directors taking into account such factors as our evolving business model, prevailing business conditions and our financial results and capital requirements, without a predetermined annual net income payout ratio.
During the year ended December 31, 2014, we paid dividends of $2.60 per share of our common stock in the aggregate through four quarterly dividends of $0.65 per share, for an aggregate payout of $299 million in 2014, which includes the payment of dividend equivalents.
As a holding company, we have no operations and rely upon dividends from our subsidiaries in order to provide liquidity necessary to service our debt obligations and make dividend payments to our shareholders.
We and our subsidiaries are all required to comply with legal and regulatory restrictions, including restrictions contained in applicable general corporate laws, regarding the declaration and payment of dividends.
These laws may limit our or our subsidiaries’ ability to declare and pay dividends from time to time.
None of the indentures governing our and our subsidiaries’ outstanding indebtedness contain specific covenants restricting our ability, or the ability of our subsidiaries, to pay dividends absent a default on such indebtedness.
Our senior unsecured revolving credit facility in the aggregate amount of $3.0 billion, or the 2014 Credit Facility, however, limits our ability to declare and make dividend payments, and other distributions of our cash, property or assets, if a default under the applicable facility has occurred and is continuing, or would occur as a result of our declaration and payment of any dividend or other distribution.
Our 2014 Credit Facility contains customary financial and operating covenants that place restrictions on our operations, including our maintenance of specified total leverage and interest coverage ratios, which could indirectly affect our ability to pay dividends.
Refer to note 9 to our consolidated financial statements and related notes, which are included elsewhere in this Annual Report on Form 10-K, for more information on our debt facilities.
Price Range of Common Stock Our common stock trades on the New York Stock Exchange under the ticker symbol “ICE”.
On February 3, 2015, our common stock traded at a high of $211.57 per share and a low of $208.59 per share.
The following table sets forth the quarterly high and low sale prices for the periods indicated for our common stock on the New York Stock Exchange.
## Table 1 ##
The following table provides information about our common stock that has been or may be issued under our equity compensation plans as of December 31, 2014: ?
Intercontinental Exchange Holdings, Inc.  2013 Omnibus Employee Incentive Plan ?
Intercontinental Exchange Holdings, Inc.  2013 Omnibus Non-Employee Director Incentive Plan ?
Intercontinental Exchange Holdings, Inc.  2009 Omnibus Incentive Plan ?
Intercontinental Exchange Holdings, Inc.  2003 Restricted Stock Deferral Plan for Outside Directors ?
Intercontinental Exchange Holdings, Inc.  2000 Stock Option Plan ?
Creditex Amended and Restated 1999 Stock Option/Stock Issuance Plan ?
NYSE Amended and Restated Omnibus Incentive Plan ?
NYSE 2006 Stock Incentive Plan The 2000 Stock Option Plan and the Creditex Amended and Restated 1999 Stock Option/Stock Issuance Plan were retired on May 14, 2009 when our shareholders approved the 2009 Omnibus Incentive Plan.
The 2009 Omnibus Incentive Plan was retired on May 17, 2013 when our shareholders approved the Intercontinental Exchange Holdings, Inc.  2013 Omnibus Employee Incentive Plan.
No future grants will be made from the retired ICE or Creditex plans.
Certain grants continue to be made to legacy NYSE employees
decrease in the CDS trade execution revenues for the year ended December 31, 2017 is also impacted by the sale and discontinuance of our U. S.  and U. K.  CDS voice brokerage operations in the third quarter of 2016.
Other Revenues Other revenues primarily include interest income on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U. S.  securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees.
The increase in other revenues for the year ended December 31, 2017, from the comparable period in 2016, is primarily due to a $6 million breakup fee received in the third quarter of 2017 related to the termination of the derivatives clearing agreement with Euronext, under which ICE Clear Netherlands was to provide clearing of Euronext’s financial and commodity derivatives.
Selected Operating Data The following charts and table present trading activity in our futures and options markets by commodity type based on the total number of contracts traded, as well as futures and options rate per contract (in millions, except for percentages and rate per contract amounts):
## Table 2 ##
Open interest is the aggregate number of contracts (long or short) that clearing members hold either for their own account or on behalf of their clients.
Open interest refers to the total number of contracts that are currently open — in other words, contracts that have been traded but not yet liquidated by either an offsetting trade, exercise, expiration or assignment.
Open interest is also a measure of the future activity remaining to be closed out in terms of the number of contracts that members and their clients continue to hold in the particular contract and by the number of contracts held for each contract month listed by the exchange.
The following charts and table presents our year-end open interest for our futures and options contracts (in thousands, except for

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Payments(Receipts) (In Millions)</td></tr><tr><td>Entergy Louisiana</td><td>-$6.3</td></tr><tr><td>Entergy Mississippi</td><td>$4</td></tr><tr><td>Entergy New Orleans</td><td>$0.4</td></tr><tr><td>Entergy Texas</td><td>$1.9</td></tr></table>
<table><tr><td></td><td colspan="2">Common Stock MarketPrice</td></tr><tr><td></td><td>High</td><td>Low</td></tr><tr><td>Year Ended December 31, 2013</td><td></td><td></td></tr><tr><td>First Quarter</td><td>$163.81</td><td>$124.03</td></tr><tr><td>Second Quarter</td><td>$184.12</td><td>$150.12</td></tr><tr><td>Third Quarter</td><td>$188.78</td><td>$173.54</td></tr><tr><td>Fourth Quarter</td><td>$227.07</td><td>$179.10</td></tr><tr><td>Year Ended December 31, 2014</td><td></td><td></td></tr><tr><td>First Quarter</td><td>$229.50</td><td>$195.34</td></tr><tr><td>Second Quarter</td><td>$207.00</td><td>$185.70</td></tr><tr><td>Third Quarter</td><td>$205.13</td><td>$182.40</td></tr><tr><td>Fourth Quarter</td><td>$228.79</td><td>$193.42</td></tr></table>
<table><tr><td></td><td colspan="2">Year EndedDecember 31,</td><td></td><td colspan="2">Year EndedDecember 31,</td><td></td></tr><tr><td></td><td>2017</td><td>2016</td><td>Change</td><td>2016</td><td>2015</td><td>Change</td></tr><tr><td>Number of contracts traded:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Energy futures and options</td><td>685</td><td>635</td><td>8%</td><td>635</td><td>596</td><td>7%</td></tr><tr><td>Agricultural and metals futures and options</td><td>94</td><td>101</td><td>-7</td><td>101</td><td>90</td><td>11</td></tr><tr><td>Interest rates and other financial futures and options</td><td>647</td><td>564</td><td>15</td><td>564</td><td>514</td><td>10</td></tr><tr><td>Total</td><td>1,426</td><td>1,300</td><td>10%</td><td>1,300</td><td>1,200</td><td>8%</td></tr><tr><td>Rate per contract:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Energy futures and options</td><td>$1.33</td><td>$1.36</td><td>-2%</td><td>$1.36</td><td>$1.35</td><td>1%</td></tr><tr><td>Agricultural and metals futures and options</td><td>$2.30</td><td>$2.27</td><td>1%</td><td>$2.27</td><td>$2.34</td><td>-3%</td></tr><tr><td>Interest rates and other financial futures and options</td><td>$0.49</td><td>$0.54</td><td>-10%</td><td>$0.54</td><td>$0.63</td><td>-14%</td></tr></table>

Question: When does the total number of contracts traded reach the largest amount?
Answer: 2017