LONDON and ATLANTA, Nov. 16, 2010 /PRNewswire/ -- OTC Global Holdings, a leading global commodities brokerage, and IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, announced that OTC Global Holdings has joined the ICE eConfirm Broker Matching Service.
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The ICE eConfirm platform is designed to facilitate fast and accurate post-trade confirmation, increase back-office efficiency and reduce trade data errors. 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.
"We are extremely pleased that OTC Global Holdings enrolled in the Broker Matching Service," said Chuck A. Vice, ICE President and COO. "As the leading trade confirmation solution for the world's largest trading firms, ICE eConfirm has become the standard for the commodity and energy trading industry. The addition of OTC Global Holdings' 18 portfolio companies will allow over 200 participants active on ICE eConfirm to further automate their confirmation process."
OTC Global Holdings' proprietary voice/electronic broking platform EOXLive will act as a conduit to supply trade execution data to the ICE eConfirm system. By centralizing the industry leading liquidity of OTC Global Holdings' portfolio of brokerages, the new service will alleviate many administrative processes and reconciliation requirements for clients who are registered ICE eConfirm users.
"We are pleased to add ICE eConfirm to our full suite of brokerage services. Among our customers there has been strong demand for the service and it will significantly reduce operational risk for our clients by reducing the time spent on matching and confirming trades and will improve the accuracy of these processes," said E. Javier Loya, Chairman and CEO of OTC Global Holdings. "In addition, we believe that by aligning with ICE eConfirm we will be strategically positioned to help our clients meet the increased data reporting and Swap Data Repository mandates included in the Dodd-Frank Act."
Added Bruce Tupper, Director of ICE eConfirm: "ICE eConfirm has electronically confirmed over 5.3 million trades in its eight years of operations. As we work with the commodity trading community to leverage our experience with ICE eConfirm to develop a Swap Data Repository for the industry, the addition of OTC Global Holdings will significantly increase the number of transactions available for electronic broker matching and reporting."
For more information about ICE eConfirm, please visit: www.theice.com or www.eConfirm.com
About IntercontinentalExchange
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
The following are trademarks of IntercontinentalExchange, Inc. and/or its affiliated companies: IntercontinentalExchange, IntercontinentalExchange & Design, ICE, ICE and block design, and ICE eConfirm. For more information regarding registered trademarks owned by IntercontinentalExchange, Inc. and/or its affiliated companies, see https://www.theice.com/terms.jhtml
About OTC Global Holdings LP
Formed in 2007, OTC Global Holdings headquartered in Houston and New York, with additional offices in Chicago, Jersey City and London. OTC Global Holdings is a leading independent interdealer broker in OTC commodities. The company holds industry-leading market share in the U.S. and Canadian natural gas markets, U.S. power market, crude oil and agricultural commodities. OTC Global Holdings' 18 subsidiaries serve more than 225 institutional clients, including 45 members of the Fortune 500. To learn more about the company, visit www.otcgh.com.
SOURCE IntercontinentalExchange
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