The ICE eConfirm platform facilitates fast post-trade confirmation, increase back-office efficiency and reduce trade data errors.
The ICE eConfirm broker matching service allows participants to automatically match trade data and resolve discrepancies with brokers via the ICE eConfirm website, eliminating phone calls, faxes and emails.
OTC Global Holdings’ proprietary voice/electronic broking platform EOXLive will act as a conduit to supply trade execution data to the ICE eConfirm system.
According to ICE, by centralizing the liquidity of OTC Global Holdings’ portfolio of brokerages, the new service will alleviate many administrative processes and reconciliation requirements for clients who are registered ICE eConfirm users.
ICE president and COO Chuck Vice said that as the leading trade confirmation solution for the world’s largest trading firms, ICE eConfirm has become the standard for the commodity and energy trading industry.
“The addition of OTC Global Holdings’ 18 portfolio companies will allow over 200 participants active on ICE eConfirm to further automate their confirmation process,” Vice said.
OTC Global Holdings chairman and CEO Javier Loya said that by aligning with ICE eConfirm OTC Global will be strategically positioned to help its clients meet the increased data reporting and Swap Data Repository mandates included in the Dodd-Frank Act.
