OMX reports Indian Energy Exchange contract

OMX reports Indian Energy Exchange contract

Technology group and market operator OMX is reporting a deal to provide an electronic trading and clearing platform to the Indian Energy Exchange (IEX).

According to Indian press reports OMX is teaming with India's Financial Technologies (FTIL) to provide a trading and clearing platform to IEX.

In mid-September 2007, FTI received approval from the Central Electricity Regulatory Commission to set up IEX, which is India's first national level power exchange - for trading electricity.

OMX says its deal includes implementation and support as well as software licences for technology from OMX and its Nord Pool unit as well as from FTIL.

The Indian exchange set to go live with trading and clearing technology in the second quarter of the year.

"The implementation work with OMX, Nord Pool and FTIL is going according to plan, helping us create a solid technological platform on which to operate our new exchange," says Joseph Massey, director at IEX.

OMX says it has also completed a training programme for users of the new trading system at the Indian exchange.

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