NYMEX Holdings, Inc. (NYSE:NMX), the parent company of the New York Mercantile Exchange, Inc., today announced that it has signed a non-binding letter of intent with ConfirmHub LLC to join Amerex, GFI Group, ICAP Energy, Tullett & Prebon Energy, Spectron and TFS Energy in support of the ConfirmHub LLC technology standard. ConfirmHub allows energy traders and back offices to receive their NYMEX-brokered and bilateral over-the-counter (OTC), cleared trades, as well as their futures trades, on a single confirmation platform.
NYMEX Executive Chairman Richard Schaeffer said, "NYMEX is committed to being the energy industry innovator and providing leading edge tools and information to the energy trading community. We believe ConfirmHub's standardized electronic confirmation platform will yield tremendous advantages to all risk managers and users of NYMEX products and over-the-counter brokerage services."
Patrick McKinnon, Executive Director of ConfirmHub LLC, said, "The world's leading energy exchange coupled with our current slate of the largest inter-dealer brokers will provide the industry with access to a vast majority of the energy market cleared, OTC and futures trade information in one place, at one time. As a developing standard, we couldn’t be more enthusiastic about NYMEX support."
ConfirmHub is the industry effort to provide standardized format delivery of confirmations via a single secure interface. ConfirmHub facilitates straight through processing, increased efficiency, improved accuracy and eases the burden of confirmations management. More than fifty of the largest industry participants subscribe to ConfirmHub and more are adopting the standard every month. For more information about ConfirmHub and how to become a user please visit www.confirmhub.com.
