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IMEX acquires stake in exchange technology firm

Qatar: Monday, November 19 - 2007 @ 11:31

Simultaneously, IMEX has licensed Elysian’s trading platform, Liquid, to be the core technology of its future exchange operations.

The IMEX system, to be called IMEXtrader, will enable professional traders to electronically execute contracts on the exchange.

IMEX is seeking to establish trading in emerging energy markets and in recent weeks has started consultations with National and International Oil Companies as well as energy trading houses to define the trading protocols for these new markets.

The acquisition follows the recent launch of IMEXauction, the exchange’s primary market auction platform for commodity markets. With these two technical systems in place, IMEX can support energy trading in both the most liquid and illiquid of products.

“The trading system is the cornerstone of any exchange and with Elysian as a strategic partner we have brought not only state of the art technology into IMEX, but also years of development expertise,” said Steve McMillan, CEO of IMEX. “With our technology foundation in place, we can now focus on the next acquisition, further building out the IMEX offering.”

Julian Anstes, a director of Elysian Systems said,

“Having IMEX both as investor and client adds tremendous value to Elysian allowing us to accelerate the development of our technology. We are especially delighted at having our first client in the Middle East.”

Patrick Murphy, COO of IMEX added, “No part of the Elysian platform is more than two years old and uses the latest available technology throughout. This truly represents the next generation in trading technology and offers all the flexibility and performance for IMEX to offer a secure and reliable service to its clients.”

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Monday, November 19- 2007 @ 11:31 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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