Finance History | Intercontinental Exchange — An Atlanta Screen That Bought the NYSE
· 2000-5
Unreviewed contributionBy kevin · · Report an issue
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Finance History | Intercontinental Exchange — An Atlanta Screen That Bought the NYSE
kevin
People treat Intercontinental Exchange as the owner of the New York Stock Exchange.
The first product was an Atlanta energy screen.
In the late 1990s Jeffrey Sprecher bought Continental Power Exchange in Atlanta for one dollar plus assumed debt.
He wanted a public price for the natural gas that fired power plants, delivered over the internet rather than by telephone.
On 11 May 2000 the rebuilt platform launched as Intercontinental Exchange, backed by Goldman Sachs, Morgan Stanley, BP, Total, Shell, Deutsche Bank and Societe Generale.
The name marked a borderless book.
Enron's own screen dominated energy trading until that house collapsed.
ICE kept the electronic matching model and widened it from oil and gas into soft commodities, foreign exchange and equity index futures.
After 2008 Sprecher built ICE Clear Credit in New York as a clearing house for credit-default swaps, working with the Federal Reserve on the post-crisis OTC design.
In 2013 the Atlanta company agreed to buy NYSE Euronext.
The marble house at 11 Wall Street became a subsidiary of a Sandy Springs office park.
Headquarters remain at 5660 New Northside Drive, third floor, Atlanta, Georgia.
The mechanism is the same one Sprecher described at the start: publish the price, match the trade, clear the risk, and own the data that the match produces.
Photo: Midtown Atlanta from the public street grid, via Wikimedia Commons.
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