Intercontinental Exchange (ICE) introduced a new CFTC‑approved futures contract, the FTSE® South Korea RIC‑Capped Index Futures (code SKO), on February 9 2026. The product is a USD‑denominated, RIC‑capped index that blends FTSE Russell’s methodology with the Korea Exchange’s (KRX) market expertise and is listed on ICE’s global futures platform.
The SKO contract limits the concentration of any single constituent to no more than 20 % and caps the combined weight of constituents over 4.5 % at 48 %, ensuring compliance with U.S. Regulated Investment Company (RIC) rules while providing diversified exposure to the South Korean equity market. The partnership with FTSE Russell brings a proven benchmark framework, while KRX contributes local market knowledge and liquidity, creating a product that is both globally accessible and locally relevant.
ICE’s recent financial performance underscores the strategic fit of the launch. In Q4 2025, the company reported net revenues of $9.9 billion, up 7 % year‑over‑year, and GAAP diluted earnings per share of $5.77, a 21 % increase. For 2026, ICE guided for mid‑single‑digit growth in exchange recurring revenue and fixed‑income and data services recurring revenue, and low‑to‑mid‑single‑digit growth in mortgage‑technology revenue. The strong earnings base and disciplined cost structure give ICE the flexibility to invest in new product development and market expansion.
The South Korean equity market has been a high‑growth region, attracting increasing foreign capital flows and offering a diversified set of large‑cap companies. The SKO futures contract provides U.S. investors with a liquid, margin‑efficient vehicle that eliminates currency conversion risk and offers direct exposure to Korean equities. The USD denomination and margin offsets across ICE’s U.S. equity index products enhance capital efficiency for portfolio managers, positioning the new contract as a valuable addition to the global derivatives suite.
ICE already offers a range of FTSE‑based futures, including the FTSE 100 and FTSE 250 contracts. The SKO product expands that franchise into an emerging Asian market, giving ICE a competitive edge by leveraging its existing infrastructure and liquidity pools. The ability to offset margin requirements across ICE’s equity index products further differentiates the offering from competitors that lack such cross‑product synergies.
Caterina Caramaschi, Vice President of Financial Derivatives at ICE, said the launch “reflects ICE’s focus on building transparent, efficient markets and deepening liquidity across our equity index derivatives suite.” Jan Thorwirth, Head of Asia Derivatives and Partnerships at FTSE Russell, added that the partnership “provides greater transparency, consistency and capital efficiency for global investors seeking exposure to Korean equities.”
The introduction of the SKO futures contract signals ICE’s continued commitment to expanding its global index derivatives footprint and capturing new trading volume and fee revenue. By combining a robust benchmark methodology with local market expertise, the product positions ICE to capitalize on growing demand for risk‑management tools in emerging Asian markets while reinforcing its leadership in the global derivatives arena.
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