Message-ID: <902929.1075840803240.JavaMail.evans@thyme> Date: Tue, 5 Feb 2002 13:06:14 -0800 (PST) From: rahil.jafry@enron.com To: louise.kitchen@enron.com, david.forster@enron.com Subject: FW: Rahil Jafry: USA: IPE natural gas trade first to move to ICE. Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Jafry, Rahil X-To: Kitchen, Louise , Forster, David X-cc: X-bcc: X-Folder: \ExMerge - Kitchen, Louise\Deleted Items X-Origin: KITCHEN-L X-FileName: louise kitchen 2-7-02.pst 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 ______________________________________________________________________ To review or revise your folder, visit http://www.djinteractive.com or contact Dow Jones Customer Service by e-mail at custom.news@bis.dowjones.com or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511 or contact your local sales representative.) ______________________________________________________________________ Copyright (c) 2002 Dow Jones & Company, Inc. All Rights Reserved