KANSAS CITY, Mo., March 9, 2009 (GLOBE NEWSWIRE) -- Agora-X, LLC today announced the launch of an exempt commercial market (ECM) to enable efficient negotiation, execution and clearing of over the counter (OTC) trades in exempt commodities such as energy and metals using the Agora-X electronic platform. Clearing will be provided through Chicago Mercantile Exchange Inc. The Agora-X ECM provides world-class technology for institutional participants to obtain best prices, efficient execution and clearing of trades in exempt commodities.
"Agora-X offers a more liquid and transparent OTC marketplace, including clearing of trades for 'look-alike' contracts in energy, metals and certain indices. Clearing is an important component for reducing counterparty risk in the current financial climate," said Brent M. Weisenborn, Chief Executive Officer. "The efficiency, speed and price visibility provided by the Agora-X electronic platform will make a dramatic difference for OTC market participants."
Agora-X submitted a notification of operation as an exempt commercial market to the Commodity Futures Trading Corporation. No approval is required for the ECM to begin operating and enable eligible market participants to negotiate, execute and clear trades.
As previously announced, Agora-X also has launched an electronic communications network (ECN) for negotiation of OTC contracts in agricultural and exempt commodities. Exempt commodities traded on the ECN also can be cleared through the CME. In addition, in the near future Agora-X will also list for negotiation and trading various financial contracts as well as contracts such as forwards, spots and options on various physical commodities.
About Agora-X
Agora-X, LLC has developed an electronic communications network for OTC commodities contracts in collaboration with major institutional participants in the commodities market. Based in Kansas City, Agora-X has worked with NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) to create a best-in-class marketplace. In 2008, NASDAQ OMX became a developmental investor with a 20 percent equity interest 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.