About the Exchange2001 International Petrochemical Conference National Petrochemicals and Refiners Association Salon I, Marriot Rivercenter Hotel, San Antonio, Texas
Volume and Transaction Value on ChemConnect's Commodities Floor Increases in Q1 2001; Company Participation Doubles
Completed transactions average $1.25 million as companies around the world accelerate their buying and selling on the Commodities Floor
San Antonio, Texas, April 2, 2001 – ChemConnect Inc., the company that operates the World Chemical Exchange™, offering buyers and sellers of chemicals and plastics a dynamic online marketplace supported by strategic e-commerce services, today reported that the number of completed transactions on its Commodities Floor from Q4 2000 to Q1 2001 has increased by more than fifty percent. The company also announced that the number of companies actively trading on the Commodities Floor has more than doubled in the same time period, and the average value of completed transactions reached an average of $1.25 million.
Earlier this year, ChemConnect debuted several new product features on the Commodities Floor that contributed to increased adoption and resulted in 1,400,000 MT of product traded in Q1 2001. ChemConnect built a variety of market intelligence tools that provide Members with pricing guidance and the ability to track market activity on the Commodities Floor. New product features debuted in Q1 2001 include access to NYMEX pricing data to monitor key petrochemical feedstocks, and the "Daily Report," an update issued daily that highlights the previous day's market activity for products traded on the Commodities Floor.
As part of its ongoing effort to deliver cutting-edge tools for Members to track market activity, the company today unveiled its new instant email notification program that alerts Members of specific product postings and transactions. Members can also opt to receive customized emails daily that summarize market activity by highlighting specific products posted and traded on the Commodities Floor, enabling them to stay on top of market conditions.
In 2001, Members began using the Commodities Floor for basic forward selling and buying deals, such as paper trades and physical swaps. These capabilities lay the foundation for the trading of financial products that can be used to manage price risks in petrochemical products. Members also have the option of consulting with ChemConnect's brokerage service, Universal Chemical Brokerage, to facilitate transactions. Whether Members independently conduct trades online or use a broker, they gain the advantage of a real-time, full market view for a variety of petrochemical products.
"Liquidity, flexibility, security, and speed add up to better business opportunities and better business decisions," said John Robinson, CEO, ChemConnect. "Our Commodities Floor provides all the tools buyers and sellers need to gain relevant knowledge and act immediately to get the best market price. We will continue to deliver quality products that make the World Chemical Exchange the go-to marketplace for industry participants to buy and sell at the right time and take advantage of changing market conditions. "
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.