* EPS of $1.18 in third quarter; $256.3 mln in revenue

* Management sees trading growth from CFTC limits

* Avg daily commissions in OTC energy up 12 pct in October

* Shares down 2.5 percent, in line with peers (Adds management quotes, byline, updates shares)

By Jonathan Spicer

NEW YORK, Nov 3 (Reuters) - IntercontinentalExchange Inc (ICE.N: Quote, Profile, Research) beat expectations on Tuesday with a 16 percent quarterly profit rise, and management said that even position limits on speculators could boost the exchange operator, which is starting to benefit from sweeping regulatory reforms.

ICE -- whose peers have mostly logged profit drops -- beat earnings expectations by 3 cents per share, helped by better-than-expected expenses and record futures trading in the third quarter.

The company, which runs exchanges and clearinghouses on both sides of the Atlantic, could benefit as more over-the-counter contracts are exchange-traded and cleared, but could suffer if U.S. regulators impose new commodity-market position limits.

"Drivers that are having a positive impact on our business are numerous," Jeffrey Sprecher, the chief executive, said on a conference call, adding that some 14 regulators from at least seven agencies now work full-time in ICE offices.