ICE Futures Canada

ICE Futures Canada, the former Winnipeg Commodity Exchange (WCE) is Canada's largest agricultural derivatives platform and lists the world's most heavily-traded canola contract, as well as futures and options on barley and wheat. 
The WCE demutualized in 2001, and its WCE Holdings parent was acquired for C$50m in by the Intercontinental Exchange on Aug. 28, 2007. All trading on the exchange transitioned to the ICE electronic platform on Dec. 10, 2007. The business was renamed ICE Futures Canada, effective Jan. 1, 2008.
On Apr. 10, 2008, ICE announced that Brad Vannan had been appointed president, chief operating officer of ICE Futures Canada, ICE's wholly-owned Canadian futures exchange. Vannan is an industry veteran with experience in the global agricultural markets who recently held the position of vice president at Agricore United. Vannan assumed his new role as president and COO effective Apr. 30. Former president Will Hill announced in February he would leave ICE Futures Canada for personal reasons. 
== History ==
The WCE was founded as the Winnipeg Grain & Produce Exchange in 1887 as an unincorporated association providing a cash market in wheat, oats and barley. Futures in wheat, oats and flaxseed were added in 1904. It changed its name to the Winnipeg Grain Exchange in 1908, and to the Winnipeg Commodity Exchange in 1972.
The WCE Clearing Corporation was established in 1998, and the Manitoba Securities Commission became its regulatory authority in 2000. In May 2004, members agreed to end open-outcry trading and transfer listings to the Chicago Board of Trade's electronic e-CBOT platform, and became the first North American commodities exchange to end all floor-based trading with the last session on Dec. 17, 2004.
== Demutualization and the Road to Acquisition ==
The member-owned exchange demutualized in November 2001 and, on Apr. 26, 2007, announced it had retained Deutsche Bank to explore strategic alternatives, including a possible sale.
On June 22, 2007, the company accepted an offer from the ICE, but announced in August 2007 that it had received a superior offer, which traders said came from the New York Mercantile Exchange.
WCE accepted an amended offer from the ICE on Aug. 22, 2007, and the transaction closed on Aug. 28. The ICE paid C$77.59 per common share, or C$50m in aggregate. WCE products were transferred to the ICE trading platform on Dec. 10, 2007.
Following the acquisition by theICE, senior vice-president William Hill was named president and chief operating officer. Mike Gagné retired as president and CEO following the transaction.
== Product Development ==
The exchange offers futures and options in canola (rapeseed), western barley, and durum and milling wheat contracts. In 2013, nearly all the volume was in its flagship canola contract.
ICE Canola futures were launched in 1963, and accounted for 95 percent of trades in November 2007, with wheat futures accounting for 4.2 percent. At the end of November 2007, total open interest stood at 169,188 contracts. On February 13, 2014, canola futures set a new record for daily volume of 71,536 contracts. The ICE canola contract is the world benchmark for canola trading.
In January 2012, ICE launched two new wheat contracts, durum wheat and milling wheat, as well as a redesigned barley contract. 
== References ==
== External Links ==
*Intercontinental Exchange
Category:Exchanges
Category:North American Exchanges
Category:Futures Exchanges