ICE said BRIX is operationally ready, and anticipates launching in June 2011.
BRIX will offer an electronically traded marketplace for key Brazilian power contracts, including a range of risk management tools for eligible power market participants.
Bids, offers and trades will be shown in real time on the BRIX screen for all participants, said ICE.
Along with ICE, the partnership includes Roberto Teixeira da Costa, economist, founder and first president of CVM, the Brazilian financial regulator; Eike Batista, CEO of EBX Holding which invests across industrial sectors including energy, infrastructure and mining; Josue Gomes da Silva, president of textile group Coteminas; and Marcelo Parodi, founder and president of Compass Energia.
Teixeira da Costa will serve as the chairman and Marcelo Mello has been named president of BRIX.
Mello was previously head of commodities Latin America for Standard Bank.
