Companies Form Internet-Based Energy Exchange

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Seven companies representing some of the leaders in the banking and energy sectors said yesterday they will form an online market for trading over-the-counter energy, metals and other commodities.

According to reports, the venture, IntercontinentalExchange, could become one of the largest business-to-business initiatives on the Internet to date.

The companies involved, BP Amoco, Royal/Dutch Shell, Totalfina, Goldman Sachs, Societe Generale, Morgan Stanley Dean Witter and Deutsche Bank, said they plan to begin trading petroleum and precious metals-based OTC products later this year.

The founding companies will also develop additional markets for natural gas, electrical power and a variety of metals at a later date.

The companies will provide initial marker liquidity for the exchange and said there would be no formal membership and no dues or fees beyond those incurred during trading.

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