One of the youngest commodity exchanges, The IntercontinentalExchange (ICE), founded in 2000, reportedly is the front-runner as a merger partner for one of the oldest, the New York Board of Trade (NYBOT), whose origins as a trader of cocoa, coffee and cotton go back more than 100 years.
Exchanges
Articles from Exchanges
Jeffery Sworn In as New CFTC Chariman
Reuben Jeffery III was sworn Monday as the new chairman and a commissioner at the Commodity Futures Trading Commission (CFTC), which regulates commodity futures and options on U.S. exchanges. The appointment came two days after Joseph Kelliher officially became chairman of the Federal Energy Regulatory Commission, the other major D.C. regulatory body charged with oversight of the energy industry (see related story).
Exchange Execs Say Energy Market Liquidity Continues to Rebound
Officials from energy trading exchanges recently agreed that liquidity in energy markets continues to improve after a prolonged period of the doldrums resulting from Enron Corp.’s historic collapse in late 2001 and a string of subsequent scandals that throttled the energy sector and cast a pall over the future direction of trading.
Industry Sees Progress in Price Reporting
A 30-member stakeholder coalition of energy companies, industrial customers, publishers, exchanges and industry trade associations last week cited new data showing increased reporting to index publishers as “evidence of increased transparency in the nation’s natural gas markets.”
Industry Coalition Cites Improved Gas Price Reporting, Supports Indexes
A 30-member stakeholder coalition of energy companies, industrial customers, publishers, exchanges and industry trade associations Wednesday cited new data showing increased reporting to index publishers as “evidence of increased transparency in the nation’s natural gas markets.”
CFTC Wants Exchanges/SROs to Review Safeguards, Procedures
The Commodity Futures Trading Commission (CFTC) announced several new initiatives as part of its comprehensive review of the effectiveness of self-regulation in the futures industry.
Toronto Stock Exchange Parent Buys NGX for C$38M
TSX Group Inc., the parent company of the Toronto Stock Exchange and TSX Venture Exchange, Canada’s two national exchanges serving the senior equity and public venture equity markets, said Tuesday that it will purchase 100% of NGX Canada Inc., which operates a large natural gas and electricity trading and clearing exchange, for C$38 million. The transaction is expected to close in the first quarter and is subject to regulatory approvals.
Toronto Stock Exchange Parent Buys NGX for C$38M
TSX Group Inc., the parent company of the Toronto Stock Exchange and TSX Venture Exchange, Canada’s two national exchanges serving the senior equity and public venture equity markets, said Tuesday that it will purchase 100% of NGX Canada Inc., which operates a large natural gas and electricity trading and clearing exchange, for C$38 million. The transaction is expected to close in the first quarter and is subject to regulatory approvals.
Financial Concerns Prompt NGX To Full Collateralization
Increasing financial risk in the energy trading business has prompted Natural Gas Exchange (NGX) to move to a fully collateralized gas commodity clearinghouse on July 1. The move is designed to ensure the integrity and security of exchange and clearing operations. NGX will require all parties to post collateral in the form of cash margin or a letter of credit.
ICE Sets New Daily Gas Record; Dynegydirect Trades Increase
Electronic commodity exchanges such as IntercontinentalExchange (ICE) and Dynegydirect have gained significant market share over the past few weeks as EnronOnline has fallen out of favor due to Enron’s financial turmoil, failed merger with Dynegy and subsequent bankruptcy filing. ICE reported that natural gas volumes on its system set a new daily record Tuesday with a total of 422 Bcf traded.