KANSAS CITY, Mo., May 18, 2009 (GLOBE NEWSWIRE) -- Agora-X, LLC today announced the start of trading in over-the-counter (OTC) corn and natural gas contracts, a milestone for the first electronic marketplace designed for OTC derivatives in energy, metals and agricultural commodities. Agora-X is a best-in-class platform allowing institutions to negotiate OTC transactions in an efficient marketplace offering improved price visibility, liquidity and lower transaction costs.
"The crossing of trades in corn and natural gas, two major classes of commodity contracts, marks a step forward in rolling out Agora-X to participants in the OTC derivatives market," said Brent M. Weisenborn, Chief Executive Officer. "Our efficient platform makes a dramatic difference by enabling traders to obtain best prices in a more open, liquid and transparent electronic marketplace displaying bids and offers for derivative contracts, rather than negotiating transactions through time-consuming phone calls or instant messages."
Last week, Treasury Secretary Timothy Geithner proposed regulatory reforms to require increased transparency for OTC derivative transactions, including reporting, audit trails and centralized clearing. Mr. Geithner noted that electronic trading platforms for the OTC market facilitate regulatory oversight and reduce systemic risk and counterparty issues.
About Agora-X
Agora-X, LLC has developed an electronic communications network for OTC 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 comprehensive OTC marketplace. In 2008, NASDAQ OMX became a developmental investor in Agora-X. 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.
If interested in being a participant, contact: Chris Halford, Agora-X 816-412-3002 Kevin O'Brien, Agora-X 212-471-3666