18 December 2017
visit www.ebaday.com

ICE to buy YellowJacket Software

31 January 2008  |  7559 views  |  0 Intercontinentalexchange (ICE)

US market operator IntercontinentalExchange (ICE) has signed a definitive agreement to acquire electronic OTC energy trading platform YellowJacket Software. Financial terms of the deal were not disclosed.

Formed in 2002 privately-held YellowJacket operates YJEnergy, an electronic trade negotiation platform that allows traders to aggregate and consolidate instant message-based communications and transaction details on a single screen.

The YJEnergy platform currently covers the OTC energy markets such as natural gas, power and crude oil markets. The system also supports the weather market and 80% of weather trading is conducted on the platform, according to the YellowJacket Web site.

"YellowJacket brings an innovative application that is uniquely positioned to meet the demand for electronic efficiencies in the OTC markets where complex options or structured products are involved," says ICE chairman and CEO Jeffrey Sprecher. "We see many applications of this technology beyond the energy and weather categories, particularly when coupled with ICE's expanding clearing capabilities."

ICE says the acquisition is expected to complete in February. The unit will be operated as a wholly owned subsidiary of ICE.

News of the acquisition comes as ICE reports a 32% rise in fourth quarter net income after volumes rose in the wake of record oil prices and following its acquisition of New York Board of Trade (Nybot).

The exchange posted fourth quarter net income of $64.7 million, compared to $49 million a year ago. Fourth quarter revenue came in at $159.3 million, a 67% rise on last year's $95.2 million.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ICE completes technology overhaul

ICE completes technology overhaul

23 January 2008  |  5302 views  |  0 comments
Nyse Euronext shares spike on ICE takeover talk

Nyse Euronext shares spike on ICE takeover talk

12 July 2007  |  4344 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.response.ncr.comvisit www.thomsonreuters.info

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
11275 views comments | 3 tweets | 3 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
10245 views comments | 21 tweets | 24 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7790 views comments | 19 tweets | 22 linkedin
Digital banking startup Loot secures £2.2 million seed roundDigital banking startup Loot secures £...
7490 views comments | 5 tweets | 11 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
7426 views comments | 6 tweets | 26 linkedin

Featured job

New York, NY - USA (some flexibility on location)

Find your next job