NYMEX Holdings, Inc. (NYSE: NMX), the parent company of the New York Mercantile Exchange, Inc., announced today that it has joined interdealer brokers GFI, ICAP, and Tullet Prebon as a 25% stakeholder in ConfirmHub LLC, the energy and environmental industry initiative to provide a central, standardized platform for transaction confirmation delivery. This collaboration among the members in a technology initiative is an industry first and represents a significant commitment to market transparency and efficiency.
NYMEX chairman Richard Schaeffer said, "NYMEX is proud to be a member of ConfirmHub. We believe that ConfirmHub’s standardized electronic confirmation will provide significant advantages to users of NYMEX and its off-exchange brokerage services. NYMEX has always been a supporter of trading innovation and market transparency."
ConfirmHub is a web-based confirmation system offering a broad range of electronic management capabilities, standardized formatting and fully electronic trade matching. By connecting to ConfirmHub users may access all of their trade confirmations from the world’s leading energy brokers and the world’s largest energy exchange through a simple interface that is enabled to provide state of the art straight-through-processing. ConfirmHub also accepts submission of confirmations by users, regardless of origin, eliminating the need for fax or email confirmation delivery. The basic services of ConfirmHub are free to industry participants.
"NYMEX participation is an exciting step in the growth of the ConfirmHub," said Pat McKinnon, executive director of ConfirmHub. "This is a one of a kind alliance and an industry first. The addition of the NYMEX as a member means that ConfirmHub users now receive vastly greater value from connecting to the service."