Evolution Markets joins ICE eConfirm Broker Matching Service
IntercontinentalExchange, Inc. (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, announced that Evolution Markets, a leading energy and environmental markets brokerage, has joined the ICE eConfirm Broker Matching Service.
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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. The ICE eConfirm platform facilitates fast and accurate post-trade confirmation, increases back-office efficiency and reduces trade data errors.
"The addition of Evolution Markets, one of the leading brokers in energy and environmental markets, to our Broker Matching Service allows us to continue expanding our service to these emerging commodity trading markets," said Chuck Vice, ICE President and COO. "We are very pleased Evolution Markets will be offering ICE eConfirm, which has become the leading solution for automated trade confirmation."
"Joining ICE eConfirm gives our customers the option to put in place straight through processing services for the energy and environmental markets we serve," said Mark Dixon, Chief Operating Officer at Evolution Markets Inc. "Further automation of the confirmation process using ICE eConfirm will increase efficiencies and lower transactions costs for Evolution Markets' customers, and we look forward to rolling it out to our global network of counterparties."
ICE eConfirm is also positioned to meet future trade reporting requirements in the U.S. as a result of the Dodd-Frank Act. Commodities regulations will stipulate that all swap trades be reported to a Swap Data Repository, and ICE has committed to working with its global partners to create a repository system.
"As the leading trade confirmation solution for global commodities trading firms, we believe ICE eConfirm is well positioned to meet new real-time reporting and record keeping mandates under the Dodd-Frank Act," said Bruce Tupper, Director ICE eConfirm. "Partnering with Evolution Markets will allow us to ensure we can efficiently meet the market's future regulatory needs."