Evolution Markets Joins ICE eConfirm Broker Matching Service
ATLANTA, Jan. 20, 2011 /PRNewswire/ -- IntercontinentalExchange, Inc. (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, announced that Evolution Markets, a leading energy and environmental markets brokerage, has joined the ICE eConfirm Broker Matching Service.
The ICE eConfirm Broker Matching Service allows participants to automatically match trade data and resolve discrepancies with brokers via the ICE eConfirm website, eliminating phone calls, faxes and emails. The ICE eConfirm platform facilitates fast and accurate post-trade confirmation, increases back-office efficiency and reduces trade data errors.
"The addition of Evolution Markets, one of the leading brokers in energy and environmental markets, to our Broker Matching Service allows us to continue expanding our service to these emerging commodity trading markets," said Chuck Vice, ICE President and COO. "We are very pleased Evolution Markets will be offering ICE eConfirm, which has become the leading solution for automated trade confirmation."
"Joining ICE eConfirm gives our customers the option to put in place straight through processing services for the energy and environmental markets we serve," said Mark Dixon, Chief Operating Officer at Evolution Markets Inc. "Further automation of the confirmation process using ICE eConfirm will increase efficiencies and lower transactions costs for Evolution Markets' customers, and we look forward to rolling it out to our global network of counterparties."
ICE eConfirm is also positioned to meet future trade reporting requirements in the U.S. as a result of the Dodd-Frank Act. Commodities regulations will stipulate that all swap trades be reported to a Swap Data Repository, and ICE has committed to working with its global partners to create a repository system.
"As the leading trade confirmation solution for global commodities trading firms, we believe ICE eConfirm is well positioned to meet new real-time reporting and record keeping mandates under the Dodd-Frank Act," said Bruce Tupper, Director ICE eConfirm. "Partnering with Evolution Markets will allow us to ensure we can efficiently meet the market's future regulatory needs."
IntercontinentalExchange® (NYSE: ICE) is a leading operator of regulated futures exchanges and over-the-counter markets for agricultural, credit, currency, emissions, energy and equity index contracts. ICE Futures Europe® hosts trade in half of the world's crude and refined oil futures. ICE Futures U.S.® and ICE Futures Canada® list agricultural, currencies and Russell Index markets. ICE® is also a leading operator of central clearing services for the futures and over-the-counter markets, with five regulated clearing houses across North America and Europe. ICE serves customers in more than 70 countries. www.theice.com
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2009, as filed with the SEC on February 10, 2010.
SOURCE IntercontinentalExchange, Inc.