Atlanta, GA, July 9, 2002 — IntercontinentalExchange announced Monday that it has entered into an agreement to acquire the assets of CommodityLogic, a collection of back office software and hardware, from Enron Net Works LLC, an Enron Corporation Affiliate.
The purchase and sale agreement has been submitted to the bankruptcy court and is subject to final bankruptcy court approval following a standard notice period.
“The acquisition of CommodityLogic will provide Intercontinental’s global customer base with access to an expanded suite of back-office services for over-the-counter (OTC) energy and metals trading,” said Jeffrey Sprecher, CEO of IntercontinentalExchange. “The services offered by CommodityLogic complement our existing eConfirm service and will support the efforts of our clients around the world to streamline their back-office operations.”
The CommodityLogic system consists of a central data hub, which connects to modules that perform specific tasks related to back-office functions. These modules include:
* ConfirmLogic – Allows users to confirm trades online (similar to Intercontinental’s existing eConfirm service);
* NomLogic – Allows schedulers to exchange natural gas nomination information online;
* InvoiceLogic – Verifies and matches invoices automatically;
* BankLogic – Provides early-payment options for normally scheduled payments;
* DocSwapLogic – Allows users to share, manage and electronically sign trade-related documents online.
Intercontinental’s eConfirm is a digital confirmation service that is used to provide post-trade legal confirmations for over 150 products commonly traded in the energy and metals marketplace.
The recently launched service has gained acceptance by major counterparties who have submitted over 17,500 trade confirmations. These eConfirm confirmation transactions not only include deals executed on Intercontinental’s trading system, but on other trading systems, through voice brokers, or directly between counterparties, as well.
The system uses the latest Java and XML technology to provide users with a state-of-the-art confirmation solution, and it incorporates the latest security standards and procedures to ensure data integrity and confidentiality. The eConfirm service features a fully redundant server architecture and comprehensive data archival and disaster recovery facilities for high availability and reliability.
With its aim to offer a full spectrum of risk management products ranging from traditional bi-lateral OTC transactions to cleared OTC products to exchange-traded futures and options on futures, IntercontinentalExchange is making great strides in alleviating risk and offering security through real-time order confirmation, trade matching, and OTC clearing.
The IntercontinentalExchange electronic trading system is used by traders each day of the business week to trade more than 600 listed commodity and derivative contract types around the world. Broadly, these include crude oil and refined products, natural gas, power, precious metals, weather derivatives and emissions allowances.
Contract forms include physical delivery as well as financially settled swaps, spreads, differentials and options based on a variety of fixed and floating price indices.
Based in Atlanta, (and with offices in New York, Houston, Chicago, London and Singapore), IntercontinentalExchange also owns the International Petroleum Exchange of London (IPE), an energy futures and options exchange. The IPE provides regulated open outcry and electronic marketplaces where industry participants use futures and options to manage their price risk exposure in the physical energy market. Products traded on the IPE include Brent Crude futures and options, Gas Oil futures and options, and Natural Gas futures.
For more information about IntercontinentalExchange, please visit the website at http://www.intcx.com.
More information about IPE can be found at www.ipe.uk.com.