Intercontinentalexchange

IntercontinentalExchange (ICE) said Thursday it is implementing a number of “fair trading” initiatives to detect false trades and ensure the validity of trades and prices recorded on its commodity trading platform.

Duke Energy told federal regulators last Thursday that it participated in 28 round-trip trades over the IntercontinentalExchange (ICE) trading platform, or five more than it previously disclosed in early July in an initial report. All of the sham energy transactions apparently were designed to boost trading volumes, according to the company.

Duke Energy told federal regulators Thursday that it participated in 28 round-trip trades over the IntercontinentalExchange (ICE) trading platform, or five more than it previously disclosed in early July in an initial report. All of the sham energy transactions apparently were designed to boost trading volumes, according to the company.

IntercontinentalExchange (ICE) said it is conducting an internal investigation into a report by Duke Energy on Tuesday that it conducted 23 round-trip trades on the electronic trading system. ICE said that as a part of its investigation it will consider whether enhanced internal procedures are necessary to ensure the orderly, efficient and fair markets that customers expect. Duke told the Securities and Exchange Commission the transactions “had the apparent purpose of increasing volumes” on ICE and increased its revenues by $127 million in 2001, or about 0.25% of its $51 billion in gross revenue from gas and electricity trading and marketing last year (see Daily GPI, July 17). Duke is one of 13 equity owners in ICE.

IntercontinentalExchange (ICE) said it is conducting an internal investigation into a report by Duke Energy on Tuesday that it conducted 23 round-trip trades on the electronic trading system. ICE said that as a part of its investigation it will consider whether enhanced internal procedures are necessary to ensure the orderly, efficient and fair markets that customers expect. Duke told the Securities and Exchange Commission the transactions “had the apparent purpose of increasing volumes” on ICE and increased its revenues by $127 million in 2001, or about 0.25% of its $51 billion in gross revenue from gas and electricity trading and marketing last year (see Daily GPI, July 17). Duke is one of 13 equity owners in ICE.

IntercontinentalExchange has signed a long-term license agreement for eSpeed’s Wagner Patent (United States Patent No. 4,903,201), which deals with automated futures trading systems in which transactions are completed by a computerized matching of bids and offers of futures contracts on an electronic platform. According to the deal, ICE will pay eSpeed $2 million per year as well as at least 10 cents per contract per side or at least 20 cents per contract traded per round trip, whichever is higher.

Activity continues to grow by leaps and bounds on the IntercontinentalExchange (ICE) commodity marketplace as traders who formerly did a significant amount of their business on EnronOnline flock to the ICE platform. The company said average daily activity systemwide is up 30% compared to only one month ago. A total of 630 Bcf of gas was traded on Jan. 9 alone, and 17 million MWh was traded on Jan. 14, setting a new daily record.

Activity continues to grow by leaps and bounds on the IntercontinentalExchange (ICE) commodity marketplace as traders who formerly did a significant amount of their business on EnronOnline flock to the ICE platform. The company said average daily activity systemwide is up 30% compared to only one month ago. A total of 630 Bcf of gas was traded on Jan. 9 alone, and 17 million MWh was traded on Jan. 14, setting a new daily record.

Electronic commodity exchanges such as TradeSpark LP, 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.