OTC Global Holdings, a leading global commodities brokerage, and IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, announced that OTC Global Holdings has joined the ICE eConfirm Broker Matching Service.
The ICE eConfirm platform is designed to facilitate fast and accurate post-trade confirmation, increase back-office efficiency and reduce trade data errors. 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.
"We are extremely pleased that OTC Global Holdings enrolled in the Broker Matching Service," said Chuck A. Vice, ICE president and coo. "As the leading trade confirmation solution for the world’s largest trading firms, ICE eConfirm has become the standard for the commodity and energy trading industry. The addition of OTC Global Holdings’ 18 portfolio companies will allow over 200 participants active on ICE eConfirm to further automate their confirmation process."
OTC Global Holdings’ proprietary voice/electronic broking platform EOXLive will act as a conduit to supply trade execution data to the ICE eConfirm system. By centralizing the industry leading liquidity of OTC Global Holdings’ portfolio of brokerages, the new service will alleviate many administrative processes and reconciliation requirements for clients who are registered ICE eConfirm users.
"We are pleased to add ICE eConfirm to our full suite of brokerage services. Among our customers there has been strong demand for the service and it will significantly reduce operational risk for our clients by reducing the time spent on matching and confirming trades and will improve the accuracy of these processes," said E. Javier Loya, chairman and ceo of OTC Global Holdings. "In addition, we believe that by aligning with ICE eConfirm we will be strategically positioned to help our clients meet the increased data reporting and Swap Data Repository mandates included in the Dodd-Frank Act."
Added Bruce Tupper, director of ICE eConfirm: "ICE eConfirm has electronically confirmed over 5.3 million trades in its eight years of operations. As we work with the commodity trading community to leverage our experience with ICE eConfirm to develop a Swap Data Repository for the industry, the addition of OTC Global Holdings will significantly increase the number of transactions available for electronic broker matching and reporting."
