Another FYI - 

-----Original Message-----
From: djcustomclips@djinteractive.com
[mailto:djcustomclips@djinteractive.com]
Sent: Tuesday, February 05, 2002 11:12 AM
To: 168842@mailman.enron.com
Subject: Rahil Jafry: USA: IPE natural gas trade first to move to ICE.


USA:
IPE natural gas trade first to move to ICE.
By Gelu Sulugiuc

02/05/2002
Reuters English News Service
(C) Reuters Limited 2002.

NEW YORK, Feb 5 (Reuters) - The European natural gas business on London's
International Petroleum Exchange (IPE) will be the first to migrate onto the
electronic platform of IntercontinentalExchange (ICE) following the merger of
the two exchanges, IPE Chief Executive Richard Ward told a news briefing.

"We will move our natural gas business, which is electronically traded, onto
the ICE platform as soon as possible," Ward said. He added that the move will
likely be done in the second or third quarter of this year.
ICE, an Atlanta-based energy and metals Internet trading platform, took over
the IPE last year in a bid to create a global electronic platform for trading
futures and "over-the-counter" (OTC) products. OTC trades are those done
outside regular open-outcry exchanges.

The U.S. exchange plans eventually to transfer all of IPE's business online,
which will signal an end to the IPE's traditional open outcry pit trading.

"I don't know when we're going to do it (the transition from pit trading to
electronic trading)," Ward said. "We need to do it with the support of our
members. We have no timetable at all."

GROWTH AFTER ENRON'S DEMISE

Owned by 100 of the world's largest energy and metals traders, brokers and
bankers, ICE started web-based OTC trading in November 2000.

While a majority of online energy exchanges faltered, ICE managed to pick up
speed and had already become a front runner in the field when its biggest
competitor suddenly folded.

ICE Chief Executive Jeff Sprecher hailed his company's stroke of luck, as
electronic trading trailblazer EnronOnline got out of ICE's way just as the
Atlanta exchange was approaching critical mass.

"We were just a tree in the forest, and then the forest burned down," Sprecher
said.

From hosting 2,500 trades totaling $2 billion a day in September, ICE now
boasts an average of $4 billion a day and 4,600 trades, exceeding
EnronOnline's average of about $3.5 billion during its heyday.



Folder Name: Rahil Jafry
Relevance Score on Scale of 100: 84

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