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enymex is intended to be the premier, global exchange for forward trading and clearing contracts in a range of physical commodities with an initial focus on energy and metals. enymex will leverage the proven market management capabilities of the Exchange; combine the interface of an electronic derivatives market with routing to futures and options markets; and use the Exchange’s established and well-regarded clearinghouse to provide counter-party risk management and net margining of positions across derivatives markets, providing significant cash flow benefits to participants.
Andersen Consulting, originally retained to help provide a business structure for the project during its initial phase of development, has been selected by the Exchange to continue to provide business strategy and program management assistance, as well as lead the overall integration effort to introduce enymex(SM).
“Andersen has already brought a great deal to this project,” said Exchange executive vice president and enymex(SM) general manager Neal Wolkoff. “We are confident that their continued involvement will help us bring to market a product that thoroughly addresses customer needs and is a worthy and natural extension of the Exchange’s long history as a leader in providing energy market efficiency, neutrality, integrity and stability, liquidity, and price transparency.”
“We are delighted that the Exchange has chosen Andersen Consulting to deliver the business and technology capabilities required for internet-based trading of energy and metals,” said Francis X. Shields, partner in Andersen Consulting’s exchange practice. “The enymex project will leverage Andersen Consulting vast experience in global energy markets, exchanges, and internet-based solutions.”
Andersen Consulting is an $8.9 billion global management and technology consulting organization whose mission is to help its clients create their future. The firm works with clients from a wide range of industries to bring about far-reaching change by aligning their people, processes, and technology with their strategy. Andersen Consulting has approximately 65,000 people in 48 countries. Its Internet home page is www.ac.com.
The New York Mercantile is the world’s largest physical commodities exchange. It offers a trading forum for such strategic products as crude oil, heating oil, gasoline, natural gas, electricity, platinum, gold, silver, copper, and aluminum futures and options; propane and palladium futures; and options on the spreads between crude oil and heating oil and crude oil and gasoline, as well as certain stock index derivative products. In 1999, its trading volume totaled nearly 110 million contracts. Its internet home page is www.nymex.com, and additional information on its new system is available on www.enymex.com.
