Platts, a division of The McGraw-Hill Companies (NYSE: MHP), will also provide enymex sm with real-time news and market commentary.
The Exchange will license Platts’ price assessments and benchmarks as a basis for commodities contracts traded on enymexsm, an internet-based platform for trading and clearing forward contracts for physical commodities. The system is scheduled for launch during the second quarter of 2001.
“Every day, more than $10 billion worth of energy commerce is based on Platts' exclusive and authoritative price assessments,” said Harry Sachinis, president of Platts. “With this agreement, Platts will extend its leadership to the emerging world of energy e-commerce. It is significant that the world’s largest energy exchange, the New York Mercantile Exchange, has chosen to base its enymexsm contracts on Platts benchmarks.”
Exchange Chairman Daniel Rappaport said, “We are proud that enymexsm will have standing behind it the two biggest names in providing price transparency to the energy and metals industries. This agreement brings us one step closer to the Exchange’s goal of extending the same leadership and credibility to a B2B marketplace as we have so successfully offered these industries through our bricks-and-mortar business. Most importantly, it will enable us to offer clearing services and an open marketplace for popular over-the-counter products.”
New York Mercantile Exchange The Exchange is the largest physical commodity exchange in the world, with volume reaching close to 110 million contracts in 1999. On average, approximately $14 billion worth of transactions occur on the Exchange on a daily basis, with $3.3 trillion changing hands last year. The futures and options contracts traded at the Exchange are based on such strategic commodities as oil, gold, silver, natural gas, electricity, copper, and aluminum.
Platts is the world's largest and most authoritative provider of energy market information, with more than 325 professionals worldwide and products ranging from real-time and Internet-based news services, to market reports, databases, magazines and conferences. The company is also a leading provider of news, pricing and analysis on the global metals market. Additional information is available at www.platts.com and www.plattsmetals.com.
Founded in 1888, The McGraw-Hill Companies is a global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor’s, BusinessWeek and McGraw-Hill Education. The corporation has more than 400 offices in 32 countries. Sales in 1999 were $4.0 billion. Additional information is available at mcgraw-hill.com (http://www.mcgraw-hill.com).
