IntercontinentalExchange (NYSE: ICE), the leading electronic energy marketplace, announced the successful launch of its ICE eConfirm Broker Matching Service for over-the-counter transactions.
Designed to facilitate fast and accurate post-trade confirmation, ICE eConfirm's electronic trade confirmation platform has now extended its reach to the interdealer broker community. IVG Energy, a leading energy broker, was the first firm to utilize the service, which launched in November.
The addition of the Broker Matching Service automates the broker check-out process and reduces the potential for trade data errors. Designed to increase back-office efficiency, the service allows participants to resolve discrepancies with brokers via the website, reducing reliance on phone calls, faxes and emails. ICE eConfirm also offers brokers the ability to complete auto-matching of all trade information for each transaction. At the end of the month, the auto-matching of the brokerage invoice allows participants to speed processing of accounts receivables.
"In response to numerous requests from our ICE eConfirm user community, we are pleased to introduce the Broker Matching Service," said Chuck Vice, ICE's President and Chief Operating Officer. "IVG Energy recognized this service as a way to make its customers' lives easier. We believe this unique service offers value-added tools and operational efficiencies that will benefit brokers and their customers alike."
"We are pleased to offer our customers the ICE eConfirm Broker Matching Service," said Lance Kilgore, Partner at IVG Energy, Ltd. "Our decision to enroll in ICE eConfirm was based on the solid five-year track record of service for the energy trading community."
ICE eConfirm is the leading electronic trade confirmation platform in the over-the-counter energy markets with 129 participant firms enrolled. The platform is Internet-based and allows counterparties in the OTC markets the ability to complete accurate and legally binding trade confirmations, regardless of whether the trade was executed bilaterally on the ICE platform, or away from the ICE platform.