Atlanta, Ga., August 12, 2002 — IntercontinentalExchange (ICE) announced recently that its eConfirm (electronic trade confirmation) service continues to build momentum with substantial trade volumes and a growing customer base.
As the only live and operational trade confirmation service available in the energy marketplace, eConfirm has electronically confirmed more than 27,000 trades since ICE launched this service for global energy markets in April of this year. In addition, eConfirm recently increased its customer base by adding nine new firms bringing the total number of subscribers to eConfirm to 22.
“Since going live with eConfirm, the feedback from the industry has been very positive and customers have been eager to use the service,” said Bruce Tupper, Director of Market Development at IntercontinentalExchange. “The ability to reduce the amount of time it takes to achieve fully executed trade confirmations has quickly gained popularity within the industry. Through our live, real-time system, commodity trading back offices can now experience the cost saving and error reduction benefits of a straight through processing environment.”
eConfirm is an independent, neutral platform that can be used by any firm, large or small, to confirm over 150 products commonly traded in the energy marketplace including physical and financial natural gas; physical and financial power; financial oil and refined products. This includes transactions executed on the ICE trading system, other trading systems, through voice brokers, or directly between counterparties.
The system uses the latest Java and XML technology to provide users with a state-of-the-art confirmation solution, and it also 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.
“On a daily basis our firm submits over one hundred natural gas and electricity trades through eConfirm,” said Eric van der Walde, Executive Vice President – Wholesale at AEP Energy Services, Inc. “Since we have been using the service, over 95 percent of the trades submitted are legally confirmed within a few minutes or an hour rather than the weeks it took with the old, manual paper process. This is a valuable service that improves internal controls, reduces costs, and creates greater efficiencies in our back office.”
Intercontinental Exchange is an internet-based electronic marketplace founded in March 2000 by leading U.S. and European financial institutions and energy and natural resource firms. Intercontinental’s 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, emissions allowances and coal. 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.