OverviewCheMatch Selects REFCO As Clearing Broker For Chemical Futures Trading
NEW YORK (October 9, 2001) – Refco, a leading global broker in exchange traded derivatives, and CheMatch.com, an Internet based B2B marketplace for purchasers and sellers of commodity chemicals, plastics, feedstocks, and fuel products announced today that CheMatch has selected Refco as its clearing broker for regulated chemical futures products. These products will trade on the CME's GLOBEX®2 electronic trading system and orders may be entered through an electronic link between CheMatch and Refco.
Refco's position as a leading global derivatives broker combined with CheMatch's industry leading B2B exchange capabilities for commodity chemicals provides a mutually beneficial business relationship for both firms to expand upon. The first chemical futures products to be offered are the CME/CheMatch Benzene Futures Contract and the CME/CheMatch Mixed Xylenes Futures Contract. Trading for both contracts begins on October 19, 2001 and will take place on the CME's GLOBEX®2 electronic trading system.
"Refco is committed to providing our global client base with the most advanced technology and operational efficiencies. Through the establishment of electronic chemical futures trading with an electronic link to CheMatch's online B2B exchange, market participants are provided with additional risk management capabilities as well as the ability to trade both physical and derivative products. This is the first innovation of its kind for the futures industry. We are pleased that CheMatch selected Refco as their clearing broker for chemical futures products and we look forward to expanding our relationship," said Joe Murphy, Executive Vice President of Refco Group Ltd., LLC and Chief Executive Officer of Refco Global Futures.
Larry McAfee, President of CheMatch said " CheMatch is pleased to work with Refco in bringing these new regulated futures products to the chemical industry. This is an exciting time for CheMatch as we expand our existing marketplace covering OTC physical and financial derivatives to include order entry capabilities for exchange traded chemical futures. Providing the ability to hedge intermediate and downstream products with regulated futures is an important development for the chemical industry. Due to the many uses of benzene and mixed xylenes, we expect significant interest from a variety of participants."
About Refco
Refco Group Ltd., LLC has more than $4 billion in global client equity. It includes among its subsidiaries, Refco, LLC, the largest non-bank U.S. futures commission merchant. In July 2001, Refco announced the formation of a joint venture with EasyScreen, the leading developer of innovative software products for electronic trading. The Group's global futures activities expanded significantly when Refco acquired Lind-Waldock & Co., LLC, the industry's leading retail online futures broker, the customer business of LFG, a major futures commission merchant and an acknowledged leader in electronic trading technologies and the locals clearing business of First Options. Affiliates of the Refco Group also provide services in fixed income, equities, prime brokerage, and OTC derivatives to clients. Refco provides asset management services to institutional and private clients through two subsidiaries, Forstmann-Leff Associates, LLC, based in New York, and Tilney Investment Management, based in the U.K. Refco Group Ltd, LLC maintains a website at www.refco.com.
About CheMatch.com®
CheMatch.com® - The Global Trading Network™ is a business-to-business, Internet-based market place for purchasers and sellers of bulk commodity chemicals, feedstocks, plastics and fuel products. The marketplace incorporates a real-time, interactive trading exchange where members can trade 24 hours a day, seven days a week. Strategic and financial investors include Battery Ventures, Bayer AG (NYSE: BAYZY), (FSE: BAYG.F), E.I. DuPont de Nemours and Company (NYSE:DD), GE (NYSE:GE), Methanex (Nasdaq:MEOH;TSE:MX), Millennium Chemicals (NYSE:MCH), H. Muehlstein & Co., Inc., Reed Elsevier, Sprout Group, Stolt-Nielsen S.A. (Nasdaq:SNSA), (Oslo Stock Exchange:SNIB) and YourEnergySource.com. Headquartered in Houston, CheMatch.com has international offices in Bangkok, Germany, Rotterdam and Singapore.
For more information, please contact:
Bob Osmond
UpStart Communications
(510) 457-3111
bosmond@upstart.com
Liz Youngs
UpStart Communications
(843) 881-5751
lyoungs@upstart.com
Note to Editors: ChemConnect is a registered trademark of ChemConnect, Inc. All other product, trademark, company or service names mentioned herein are the property of their respective owners.