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Commodities

Fintech Firm OKX to Launch Brent, WTI-based Perpetual Future Contracts

Blockchain technology and trading company OKX and the Intercontinental Exchange (ICE) plan to launch a perpetual futures contract based on the ICE's Brent Crude and West Texas Intermediate crude oil benchmarks, OKX said on Friday.The contracts will be available to trade on OKX's platform in locations where OKX is permitted to offer perpetual futures. OKX described the contracts as "a major step forward" in expanding access to global commodity markets using digital technology.OKX said ICE's Brent and WTI futures will underpin the perpetual contracts on OKX's platform. Brent and WTI contracts on ICE expire after a certain period of time, but the perpetual contracts trading on OKX's blockchain platform will not have an expiry date.This is OKX's first collaboration with ICE, which operates some of the world's largest exchanges and clearing houses for financial assets, after the two formed a strategic relationship in March.Haider Rafique, Global Managing Partner at OKX said that the presence of Brent and WTI among perpetual futures assets responds to demand from the market for this kind of asset and he said it would give retail traders access to the world's main energy benchmarks.OKX describes itself as a fintech company known for its global cryptocurrency trading platform.

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Sectors

Sector Update: Financial Stocks Edge Higher Pre-Bell Friday

Financial stocks were edging higher pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.6%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 1.7% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.6% lower.Futu (FUTU), UP Fintech's (TIGR) Tiger Brokers unit and Longbridge Securities face planned penalties from China's securities regulator for operating in mainland China without licenses, Bloomberg reported. Shares of Futu Holdings shares were down more than 36% and UP Fintech stock lost more than 33% premarket.Intercontinental Exchange (ICE) and OKX are planning to launch perpetual futures contracts tied to oil, Bloomberg reported, citing a statement from the companies. Intercontinental Exchange stock was 0.7% higher pre-bell.JPMorgan Chase (JPM) is in discussions with investors over a deal to offload some of its risk exposure to more than $4 billion in private equity-linked net asset value loans, the Financial Times reported, citing unnamed people familiar with the matter. Shares of JPMorgan Chase were up 0.5% premarket.

$FAS$FAZ$FUTU$ICE$JPM$TIGR$XLF
Wire

Intercontinental Exchange Partners With Ornn to Introduce GPU Compute Futures Contracts

Intercontinental Exchange (ICE) and Ornn plan to launch GPU compute futures contracts aimed at providing pricing benchmarks and hedging tools for the rapidly growing AI compute market, the companies said Tuesday.The cash-settled contracts will be based on Ornn's Compute Price Index, which tracks live GPU compute transaction prices across major hardware types used in AI workloads, the companies added.Intercontinental Exchange said the new products aim to improve price discovery and risk management in the compute sector, which has become increasingly volatile as demand for AI infrastructure accelerates globally.Price: $156.00, Change: $+0.02, Percent Change: +0.01%

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Commodities

Market Chatter: $7 Billion Oil Bets Placed Ahead of Trump's Iran Announcements Spark Scrutiny

Oil market bets totaling as much as $7 billion were placed ahead of major Iran-related announcements by US President Donald Trump in March and April, a Reuters analysis of exchange data, published Thursday, showed, raising fresh scrutiny over possible insider trading.The trades, spread across crude, diesel and gasoline futures on the Intercontinental Exchange (ICE) and the Chicago Mercantile Exchange (CME), far exceed previously reported positions worth about $2.6 billion.Reuters said it could not determine who placed the trades or whether they originated in the US or abroad.The US Commodity Futures Trading Commission is investigating the activity, a person familiar with the matter told Reuters in April, but has not publicly confirmed a probe.Separately, ABC News reported Thursday that the US Department of Justice is also investigating oil trades linked to the Iran conflict.The trades involved short positions that profited from sharp declines in oil prices following Trump's announcements on Iran. Traders first identified unusual activity on March 23, minutes before Trump delayed and threatened attacks on Iranian power infrastructure, sending oil prices sharply lower.Similar trading patterns appeared on April 7, before Trump announced a ceasefire with Iran; on April 17, before Iranian officials discussed reopening the Strait of Hormuz; and again on April 21, before Trump extended the ceasefire.In response to' request for comment, White House spokesperson Davis Ingle said, "All federal employees are subject to government ethics guidelines that prohibit the use of nonpublic information for financial benefit."He added that any implication that administration officials "are engaged in such activity without evidence is baseless and irresponsible reporting."Reuters' expanded analysis found coordinated sell orders across Brent and West Texas Intermediate crude futures, as well as European diesel and US gasoline contracts, often executed within minutes of key announcements.It found that on March 23 alone, traders sold roughly $2.2 billion in oil and fuel futures contracts shortly before Trump's announcement. Oil prices later fell by over 10%, while fuel prices dropped by about 12%.Reuters cited information from Adi Imsirovic, a veteran oil trader and associate at the Center for Strategic and International Studies, who said the trades appeared "well informed" and noted regulators could trace the activity through exchange data.ICE, CME, the Justice Department, and the CFTC did not immediately respond to requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Wire

Barclays Adjusts Price Target on Intercontinental Exchange to $201 From $198

Intercontinental Exchange (ICE) has an average rating of buy and mean price target of $201.73, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $157.46, Change: $-0.63, Percent Change: -0.40%

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Wire

Raymond James Adjusts Price Target on Intercontinental Exchange to $228 From $222

Intercontinental Exchange (ICE) has an average rating of buy and mean price target of $201.73, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $157.47, Change: $-0.63, Percent Change: -0.40%

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Wire

Goldman Sachs Adjusts Price Target on Intercontinental Exchange to $208 From $205

Intercontinental Exchange (ICE) has an average rating of buy and mean price target of $201.73, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $157.51, Change: $-0.59, Percent Change: -0.37%

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Wire

TD Cowen Adjusts Price Target on Intercontinental Exchange to $193 From $191

Intercontinental Exchange (ICE) has an average rating of buy and mean price target of $201.73, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $157.52, Change: $-0.58, Percent Change: -0.36%

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Research

Research Alert: CFRA Maintains Buy Rating On Shares Of Intercontinental Exchange, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After digesting Q1 results, we reduce our 12-month target price by $15 to $205, reflecting a P/E of 23.1x our 2027 EPS estimate, a premium to ICE's 10-year average of 22.1x given an improving margin profile. With geopolitical uncertainty surging, we increase our 2026 EPS estimate by $0.66 to $8.36 and raise 2027's by $0.27 to $8.86. ICE's Q1 results demonstrate its competitive strength, with revenue growth accelerating across all three business segments in the face of heightened uncertainty and geopolitical tensions. The outlook remains positive, with total futures and options open interest hitting a new record just this week, suggesting Q1's momentum will persist. However, concerns about AI disruption continue to weigh on the stock, likely keeping valuation multiples compressed near term. Critically, there is little evidence of actual business deterioration, and we note fixed income recurring revenue has actually accelerated for four consecutive quarters.

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Research

Research Alert: CFRA Maintains Buy Rating On Shares Of Intercontinental Exchange, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After digesting Q1 results, we reduce our 12-month target price by $15 to $205, reflecting a P/E of 23.1x our 2027 EPS estimate, a premium to ICE's 10-year average of 22.1x given an improving margin profile. With geopolitical uncertainty surging, we increase our 2026 EPS estimate by $0.66 to $8.36 and raise 2027's by $0.27 to $8.86. ICE's Q1 results demonstrate its competitive strength, with revenue growth accelerating across all three business segments in the face of heightened uncertainty and geopolitical tensions. The outlook remains positive, with total futures and options open interest hitting a new record just this week, suggesting Q1's momentum will persist. However, concerns about AI disruption continue to weigh on the stock, likely keeping valuation multiples compressed near term. Critically, there is little evidence of actual business deterioration, and we note fixed income recurring revenue has actually accelerated for four consecutive quarters.

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Research

Research Alert: Ice Q1 Earnings Beat As Volatility Leads To A Surge In Exchange Revenues

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ICE delivered exceptional Q1 2026 results with operating EPS of $2.35 vs. $1.72 the prior year, beating consensus by $0.09, while net revenue of $2.98B rose 20% Y/Y and beat estimates by 1%. This marks ICE's first double-digit revenue growth quarter since 2021, demonstrating the company's strong resilience during periods of heightened market volatility. We believe quarters like this showcase ICE's portfolio strength as geopolitical uncertainty drove significant margin expansion and record earnings performance. The Exchange segment surged 30% to $1.8B, led by energy revenues jumping 46% to $814M due to ongoing geopolitical tensions and global supply chain disruptions. Operating margin expanded a remarkable 420 bps to 65.2%, reflecting ICE's substantial operating leverage during volatile market periods. The company returned $848M to shareholders through $551M in buybacks and $297M in dividends while maintaining $863M in unrestricted cash, positioning ICE well for continued growth.

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Oil & Energy

Dated Brent-Futures Spread Above $25/bbl Signals Prompt Tightness, Steep Backwardation, EIA Says

Dated Brent crude spot prices surged to a premium of over $25 per barrel over the futures contract in early April, signaling acute short-term supply tightness amid ongoing flow disruptions in the Strait of Hormuz, the Energy Information Administration said in a Friday note."High Brent backwardation along the lines of what we've seen in recent weeks likely reflects extreme market tightness in the very short term since the closure of the Strait of Hormuz," according to the note.The premium marks a widening of the spread between spot and futures prices, and points to acute strain in prompt supply as buyers scramble to secure immediate cargoes.Spot prices, which reflect immediate delivery of crude, have reacted sharply to the disruption in the Hormuz, while futures contracts, which price oil for delivery in coming months and therefore embed expectations of easing supply constraints over time, have reacted less sharply.Brent crude oil prices refer to a basket of North Sea crude grades, such as Brent, Forties, Oseberg, Ekofisk, and Troll, which is also known as BFOET.Gradual output declines of these crude oil grades led most Brent price assessments to devise methods to incorporate the US West Texas Intermediate crude, priced at Midland, into the basket of Brent crude oil grades in 2023, according to the EIA.Futures contracts for Brent, traded on the Intercontinental Exchange (ICE), remain the most liquid and widely referenced measure of Brent prices among financial and physical market participants.The EIA said the front-month contract, currently representing June delivery during April trading, serves as the primary hedging and pricing tool, even as it diverges from spot-market dynamics during periods of acute disruption.Dated Brent, in contrast, reflects physical cargoes loading from North Sea terminals, and is assessed by pricing agencies including S&P Platts, Argus and Reuters."As they are purchased, these crude oil volumes are then shipped by the buyer to a port facility where they can be transported to a crude oil refinery for processing into finished products," according to the EIA.The Brent futures markets trade in backwardation under typical conditions, reflecting "the spread between the Dated Brent spot price and the front-month Brent futures price is narrow and tends to be positive."This indicates that a barrel of crude for prompt delivery is priced higher than a barrel for delivery two months into the future."Typically, both prices move together on similar news and market developments," the EIA said.Price: $156.43, Change: $-1.05, Percent Change: -0.67%

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Sectors

Sector Update: Financial Stocks Mixed Late Afternoon

Financial stocks were mixed in late Monday afternoon trading, with the NYSE Financial Index decreasing 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.3%.The Philadelphia Housing Index was rising 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.2%.Bitcoin (BTC-USD) was climbing 3.3% to $76,265, and the yield for 10-year US Treasuries was slightly higher at 4.25%.In corporate news, Intercontinental Exchange-backed (ICE) predictions site Polymarket is in talks to raise about $400 million at a valuation of roughly $15 billion, including the new proceeds, The Information reported. Intercontinental Exchange shares were down 0.5%.Sila Realty Trust (SILA) agreed to be acquired and taken private by affiliates of Blue Owl Capital's (OWL) real estate unit in an all-cash deal worth roughly $2.4 billion. Sila shares jumped 19%, and Blue Owl was up 0.5%.Apollo Global Management (APO) has agreed to invest $1.25 billion in convertible preferred equity in McKesson's (MCK) Medical-Surgical Solutions business, acquiring about a 13% minority stake as part of the unit's planned separation, McKesson said Monday. Apollo shares rose nearly 2%.Blackstone-backed (BX) Jersey Mike's Subs said Monday that it has confidentially filed a draft registration statement with the US Securities and Exchange Commission for a proposed initial public offering. Blackstone shares were decreasing 0.2%.

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Sectors

Sector Update: Financial

Financial stocks were mixed in late Monday afternoon trading, with the NYSE Financial Index decreasing 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.3%.The Philadelphia Housing Index was rising 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.2%.Bitcoin (BTC-USD) was climbing 3.3% to $76,265, and the yield for 10-year US Treasuries was slightly higher at 4.25%.In corporate news, Intercontinental Exchange-backed (ICE) predictions site Polymarket is in talks to raise about $400 million at a valuation of roughly $15 billion, including the new proceeds, The Information reported. Intercontinental Exchange shares were down 0.3%.

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Commodities

Update: CFTC Reportedly Probes Oil Futures Trades Timed Ahead of Iran-Related Policy Moves

(Updates with comments from the White House, ICE and CME in paragraphs five to nine.)The US Commodity Futures Trading Commission is investigating a series of oil futures trades executed shortly before major US policy developments tied to President Donald Trump's handling of the Iran conflict, news outlets reported on Wednesday.The inquiry is reportedly examining trading activity in crude oil futures on exchanges operated by CME Group (CME) and Intercontinental Exchange (ICE), focusing on at least two instances on Mar. 23 and Apr. 7.Investigators have requested exchange records, including so-called "Tag 50" identifiers that can reveal the entities behind the trades, the reports said.The scrutiny follows concerns raised by market participants and at least two Democratic senators that the unusually well-timed trades may have generated significant profits and could indicate the use of non-public information.Responding to' query, Davis Ingle, White House spokesperson, said all federal employees are subject to government ethics guidelines prohibiting the use of non-public information for financial benefit."However, any implication that administration officials are engaged in such activity without evidence is baseless and irresponsible reporting. The CFTC will always uphold its duty to monitor fraud, manipulation, and illicit activity daily," Ingle added.ICE declined to comment in response to' request.CME Group's spokesperson Anita Liskey told, "Nothing is more important than market integrity. At CME Group, we vigorously surveil our markets and work closely with the CFTC to oversee trading activity.""Importantly, any review of market behavior must include all venues, including prediction markets like Polymarket and Kalshi that list related products with little to no visibility," she said in an emailed response.The CFTC did not immediately respond to requests for comment.On Mar. 23, oil and stock futures worth billions of dollars were traded 15 minutes before Trump said previously threatened strikes on Iranian energy infrastructure would be delayed.Last week, investors placed roughly $950 million in bullish oil positions hours before the US and Iran announced a ceasefire, the reports said.The White House is reported to have previously cautioned staff against using sensitive government information for personal trading in futures markets during the ongoing Iran conflict.Last month, the CFTC's enforcement director said the agency was monitoring potential market misconduct and manipulation in energy markets and was aware of recent speculation about insider trading in CFTC-regulated products.Price: $163.49, Change: $-1.58, Percent Change: -0.96%

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Commodities

Update: CFTC Reportedly Probes Oil Futures Trades Timed Ahead of Iran-Related Policy Moves

(Updates with comments from ICE and CME in the fifth, sixth and seventh paragraphs.)The US Commodity Futures Trading Commission is investigating a series of oil futures trades executed shortly before major US policy developments tied to President Donald Trump's handling of the Iran conflict, news outlets reported on Wednesday.The inquiry is reportedly examining trading activity in crude oil futures on exchanges operated by CME Group (CME) and Intercontinental Exchange (ICE), focusing on at least two instances on Mar. 23 and Apr. 7.Investigators have requested exchange records, including so-called "Tag 50" identifiers that can reveal the entities behind the trades, the reports said.The scrutiny follows concerns raised by market participants and at least two Democratic senators that the unusually well-timed trades may have generated significant profits and could indicate the use of non-public information.ICE declined to comment in response to' request.CME Group's spokesperson Anita Liskey told, "Nothing is more important than market integrity. At CME Group, we vigorously surveil our markets and work closely with the CFTC to oversee trading activity.""Importantly, any review of market behavior must include all venues, including prediction markets like Polymarket and Kalshi that list related products with little to no visibility," she said in an emailed response.The CFTC and the White House did not immediately respond to requests for comment.On Mar. 23, oil and stock futures worth billions of dollars were traded 15 minutes before Trump said previously threatened strikes on Iranian energy infrastructure would be delayed.Last week, investors placed roughly $950 million in bullish oil positions hours before the US and Iran announced a ceasefire, the reports said.The White House is reported to have previously cautioned staff against using sensitive government information for personal trading in futures markets during the ongoing Iran conflict.Last month, the CFTC's enforcement director said the agency was monitoring potential market misconduct and manipulation in energy markets and was aware of recent speculation about insider trading in CFTC-regulated products.Price: $164.13, Change: $-0.94, Percent Change: -0.57%

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Commodities

CFTC Reportedly Probes Oil Futures Trades Timed Ahead of Iran-Related Policy Moves

The US Commodity Futures Trading Commission is investigating a series of oil futures trades executed shortly before major US policy developments tied to President Donald Trump's handling of the Iran conflict, news outlets reported on Wednesday.The inquiry is reportedly examining trading activity in crude oil futures on exchanges operated by CME Group (CME) and Intercontinental Exchange (ICE), focusing on at least two instances on Mar. 23 and Apr. 7.Investigators have requested exchange records, including so-called "Tag 50" identifiers that can reveal the entities behind the trades, the reports said.The scrutiny follows concerns raised by market participants and at least two Democratic senators that the unusually well-timed trades may have generated significant profits and could indicate the use of non-public information.The CFTC, CME, ICE and the White House did not immediately respond to requests for comment from.On Mar. 23, oil and stock futures worth billions of dollars were traded 15 minutes before Trump said previously threatened strikes on Iranian energy infrastructure would be delayed.Last week, investors placed roughly $950 million in bullish oil positions hours before the US and Iran announced a ceasefire, the reports said.The White House is reported to have previously cautioned staff against using sensitive government information for personal trading in futures markets during the ongoing Iran conflict.Last month, the CFTC's enforcement director said the agency was monitoring potential market misconduct and manipulation in energy markets and was aware of recent speculation about insider trading in CFTC-regulated products.

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Wire

JPMorgan Adjusts Price Target on Intercontinental Exchange to $183 From $182, Maintains Overweight Rating

Intercontinental Exchange (ICE) has an average rating of buy and mean price target of $200.53, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $164.65, Change: $+2.61, Percent Change: +1.61%

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Oil & Energy

Market Chatter: ICE Raises Margin Requirements on Brent, Diesel Futures Amid Middle East Volatility

The Intercontinental Exchange (ICE) is set to sharply increase margin requirements for traders on its Brent crude and European diesel futures contracts amid heightened volatility driven by the Middle East conflict, Bloomberg reported on Thursday.The move will more than double the cost of trading some of the world's most liquid oil benchmarks, and the new margin requirements are to take effect at the close of business on Apr. 10.Margins for the front-month Brent crude contract are to increase to just over $11,000, more than double current levels. For the front-month ICE gasoil contract, a key diesel benchmark, margins are set to jump more than fourfold to nearly $21,000, Bloomberg reported.ICE did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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