KANSAS CITY, Mo., Nov. 12, 2008 (GLOBE NEWSWIRE) -- Agora-X, LLC, which is creating a new electronic trading and negotiation platform for commodities, has opened a New York office to facilitate interaction with institutional market participants. Kevin G. O'Brien, a seasoned investment executive, has joined Agora-X as Managing Director of New York Operations and Marketing.
O'Brien has been active in the financial services industry in New York in various capacities including institutional sales, capital markets management, and senior marketing roles. He has been a Managing Director with Bank of America and Banc of America Securities since 2001. Most recently, he founded and headed the Banc of America Securities PEFCo (Pensions, Endowments, Foundations & Consultants) unit. Additionally, O'Brien played an instrumental role in development of an innovative private equity product, The New Century Fund, which allowed institutional investors to acquire seasoned, top-tier private equity funds via a "second look" after origination. Previously, O'Brien served in increasingly responsible roles with Lehman Brothers for more than 10 years, in the global fixed income credit markets and alternative investment arenas. He is a graduate of Baylor University.
"We are very pleased that Kevin O'Brien has joined us to expand our relationships with institutional market participants," said Brent M. Weisenborn, Chief Executive Officer.
The Agora-X New York office is in the NYMEX Building. Market participants can contact Kevin O'Brien by phone at 212.471.3666 or email at kevin.obrien@agora-x.net.
Agora-X is preparing to host institutional trading and negotiation in over-the-counter (OTC) derivatives contracts on a range of energy, metals and agricultural commodities. The company expects to launch its electronic communications network (ECN) in late 2008. This platform is designed to enable institutional participants to obtain best prices in a more liquid and transparent OTC marketplace. In addition, Agora-X is developing a separate component that will qualify as an exempt commercial market (ECM) to handle option "look-alikes" in energy, as well as commodity swaps. The ECM is expected to launch in early 2009.
About Agora-X
Agora-X, LLC is developing an electronic communications network for OTC commodities contracts in collaboration with major institutional participants in the commodities market. Based in Kansas City, Agora-X was founded with seed money from FCStone Group, Inc. (NASDAQ:FCSX), a commodity risk management firm. Agora-X has worked with NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) to create a best-in-class marketplace. Earlier this year, NASDAQ OMX became a developmental investor in Agora-X with a commitment to purchase a 20 percent equity interest. For more information please visit www.agora-x.com.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about current and future products and offerings of FCStone, NASDAQ OMX and Agora-X. We caution that these statements are not guarantees of future performance or product developments. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the control of FCStone, NASDAQ OMX or Agora-X. These factors include, but are not limited to, factors detailed in the annual reports on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission by FCStone and NASDAQ OMX. We undertake no obligation to release any revisions to any forward-looking statements.