While participation in its energy futures markets by global energy companies remains strong, IntercontinentalExchange Inc. (ICE) is seeing principals move toward specialized products rather than crude oil and also into options because of increased intraday market volatility, Chairman Jeffrey Sprecher said in a 2Q2008 briefing on the company’s “second strongest quarter ever.” He also announced plans for a share buyback program worth up to $500 million because the board believed the company’s shares are undervalued.
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ICE Sees Hedging Tending Toward Options, Products
While participation in its energy futures markets by global energy companies remains strong, IntercontinentalExchange Inc. (ICE) is seeing principals move toward specialized products rather than crude oil and also into options because of increased intraday market volatility, Chairman Jeffrey Sprecher said in a 2Q2008 briefing on the company’s “second strongest quarter ever.” He also announced plans for a share buyback program worth up to $500 million because the board believed the company’s shares are undervalued.
Nymex Holdings Board Considers Alternative Strategies
The principals aren’t talking, but rumors have been swirling in recent weeks about potential buy-out offers for portions of the increasingly valuable energy trading portion of the New York Mercantile Exchange. The latest was a report circulating Thursday that J.P. Morgan Chase & Co. was presenting a proposal to the Nymex board to set up an initial public offering for the Exchange.
NEB Prepares for Northern Review
National Energy Board (NEB) principals, fresh from summer tripsto Alaska, the Yukon and the Northwest Territories, are exploringways to deal with megaproject proposals for development andtransportation of northern resources.