IntercontinentalExchange said Tuesday it plans to launch a partnership in Brazil to operate a trading platform for electric power in the South American nation.
Atlanta-based ICE operates trading exchanges for futures contracts on oil, natural gas and other commodities such as coffee and sugar. The Brazilian electric power trading platform, called BRIX, is expected to launch in June, ICE said.
ICE’s Brazilian partners include an economist and founder of the nation’s financial regulator and other South American business heavyweights, the company said.
Earlier this month, ICE teamed with the parent company of NASDAQ on an $11 billion-plus bid to acquire the assets of the New York Stock Exchange’s parent. That offer, which would see ICE gain control of NYSE Euronext’s futures business, not its iconic New York trading floor, was rejected Sunday by NYSE Euronext officials.
ICE and NASDAQ OMX continue to push for their deal, insisting their proposal is superior to a previously announced merger bid by Deutsche Boerse.
The Brazilian venture announced Tuesday indicates ICE is looking for ways to expand its operations beyond its joint bid with NASDAQ.
ICE was founded in 2000 as a trading market for North American electrical power, and has since spread into operating trading platforms for other futures.
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