Intercontinental Exchange (ICE) will launch a new range of foreign exchange futures on its ICE Futures US exchange.

The launch, scheduled for 9 November, will further fuel the rivalry between ICE and CME Group, which together with Reuters, has its FXMarket Space facility, a service which dominates the FX exchange traded market.

"This is a first step toward unlocking the potential in our products and in serving our participants in the large and growing foreign exchange market," Tom Farley, ICE Futures U.S. president, said in the statement.

ICE revealed that the foreign exchange will list in phases, with initially contracts including US dollar, British pound, Euro, Japanese yen and Swiss franc will trade against each other.

ICE Futures US, formerly know as New York Board of Trade prior to the acquisition by ICE at the tail-end of 2006, already offers foreign exchange contracts that are based on dollar index futures, which replicate the performance of the dollar against a basket of currencies.