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The Clearing Corporation and the Financial And Energy Exchange (Australia) Announce Clearing Services Agreement
Chicago & Sydney, November 13, 2007 – The Clearing Corporation (TCC), the world's only independent derivatives clearinghouse, and the new Financial and Energy Exchange (FEX) for Asian-based derivative products located in Sydney Australia, today announced that they have entered into an agreement for TCC to provide clearing and settlement services for derivatives products traded on FEX.
FEX, which is scheduled to launch its derivatives market in 2008, will offer derivative instruments to global investors and traders on a variety of energy, environmental and financial products. This follows the September 2007 launch of FEX's Sustainability Investment Market (SIM), a specialized equities market for CleanTech and Sustainable businesses, which was attended by former US Vice President Al Gore.
Michael C. Dawley, Chairman of TCC, said "The Clearing Corporation is pleased to join with FEX and to expand TCC's clearing presence to the Australian and Asian markets. We look forward to providing our extensive suite of clearing services for FEX's innovative exchange."
Brian Price, founder and Executive Director of FEX, said FEX chose The Clearing Corporation as its strategic partner because of its independence and global expertise in derivatives clearing.
"The Clearing Corporation has more than 80 years experience in clearing many of the most important commodity and financial derivatives in the world," Price said. "In choosing our clearinghouse, we needed a clearing services provider with global credibility and competence and we are glad we have found it in The Clearing Corporation."
Brett Paulson, President and Chief Operating Officer of TCC, said work has already begun on the development and implementation of the clearing and settlement platform for FEX. "We are delighted to be associated with FEX's initiatives to expand global market opportunities, and fully support their strategy to provide a single platform for trading energy, environmental and financial instruments."
About The Clearing Corporation
The Clearing Corporation provides clearing services for global exchange and over-the-counter (OTC) traded derivatives. As the only independent derivatives clearinghouse in the world, The Clearing Corporation is in a unique position to provide more innovative and customer-focused OTC and exchange-traded derivatives clearing services in bringing markets together. The Clearing Corporation is a stockholder-owned, Delaware corporation, now in its 83rd year of business and serves numerous clients in a variety of markets. Additional information on The Clearing Corporation is available at www.clearingcorp.com.
About the Financial and Energy Exchange
The Financial and Energy Exchange (FEX) operates equities, derivatives and over the counter (OTC) markets for energy, environmental and financial products in the Asia region.
Contacts
Andrew Yemma
Intermarket Communications
+1-212-888-6115
ayemma@intermarket.com
Financial and Energy Exchange
Dimitri Burshtein
Financial and Energy Exchange
+ 61 2-9251-4565
d.burshtein@fex.com.au
FEX Group News
- January 2009 Opening of FEX Market Site The FEX Market Site will be the physical presence of the Financial and Energy Exchange and will also be the broadcast facility for CNBC’s Australian segments broadcasting live daily.
- 7 November 2008 Opening of FEX Environmental OTC Market In conjunction with FEX’s environmental product development partner enVex, the FEX Mercari Environmental ECN opened in November 2008. The first completed trade was for a AU$230,000 parcel of Australian Renewable Energy Certificates (RECs).
- 9 September 2008 RTS to offer access to Financial & Energy Exchange (FEX) RTS Realtime Systems Group, a leading trading solutions provider, announced today that it has committed to provide connectivity to the Financial & Energy Exchange (FEX).
- 15 July 2008 Financial & Energy Exchange chooses Argus coal indices for settlement Sydney based Financial & Energy Exchange (FEX) is the latest exchange to choose Argus Media’s price indices to settle over-the-counter coal contracts.
- 1 July 2008 Climate Exchange plc Acquires 25% stake in enVex In a move that is expected to accelerate the development of global carbon emissions trading, Climate Exchange plc, operator of the world’s largest carbon emissions marketplaces, has today acquired a 25% stake in enVex.
- 21 May 2008 Joint venture with Macquarie Capital Group – forms enVex Climate Change Products enters into a services agreement with the Financial & Energy Exchange (FEX) to manage product development and marketing for FEX markets.
- 8 January 2008 Acquires 100% of Mercari Mercari Direct had developed preparatory technology which is a patented secure interactive trading system for OTC products will become the platform for the Financial and Energy Exchange (FEX) new OTC products.
- 17 November 2007 Signs agreement with Clearing Corp The Clearing Corporation (CCorp), is the world’s only independent derivatives clearinghouse, has entered into an agreement to provide clearing and settlement services for derivative products traded on the new Financial and Energy Exchange of Australia (FEX).
- 11 May 2007 Signs agreement with OMX The Financial and Energy Exchange (FEX) will utilize OMX technology, the premium matching engine technology supplier to world exchanges, for its futures market trading engine.