Notice to Members
Notice No. 439 12/20/2001
Exchange Acquires Confirmation Clearing Corp.
The New York Mercantile Exchange, Inc., has purchased the assets of Confirmation Clearing Corp., a firm that provides software to confirm over-the-counter (OTC) energy transactions. The software, which is currently in the pilot testing phase, will help streamline the back office operations involved in confirming OTC trades by providing standardized, electronic forms through which participants can confirm their trades within 24 hours of the transaction. The Exchange plans to make this software available as part of its initiative to service the OTC trading community. In the next few months, we plan to extensively broaden the products and services available to this segment of the trading community and truly make the New York Mercantile Exchange the one-stop shop for the entire energy industry. The e-confirmations that this software provides will add increased efficiency and transparency to OTC business and further extend the high standards that have come to be associated with the New York Mercantile Exchange name. To participate in the pilot program, visit www.confirmcorp.com.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com