Exchange to Offer Power-Trade Clearing
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Intercontinental Exchange Inc. said it will offer clearing services, or guarantees, for U.S. electricity contracts traded on its over-the-counter market.
The exchange, which offers Internet trading in energy, metals and other markets, will clear the power trades through a partnership with Board of Trade Clearing Corp. The clearinghouse guarantees futures transactions against default on the Chicago Board of Trade.
Defaults by energy-trading companies such as Enron Corp. have heightened the need for protection of transactions on over-the-counter markets
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