NYMEX, AT&T AND TMI SIGN CONTRACT TO BUILD ACCESS ELECTRONIC TRADING SYSTEM
NYMEX, AT&T AND TMI SIGN CONTRACT
TO BUILD ACCESS ELECTRONIC TRADING SYSTEM
NEW YORK, Nov. 7 /PRNewswire/ -- Officials of the New York Mercantile Exchange (NYMEX), American Telephone and Telegraph Company (AT&T) (NYSE: T), and Task Management, Inc. (TMI) today signed a contract to develop and implement New York Mercantile Exchange ACCESS, an electronic trading system for use during non-traditional trading hours.
At a meeting last night, the NYMEX board of directors approved the contract. The exchange selected AT&T and TMI last March, after two years of studying and developing its requirements for an electronic trading system.
ACCESS stands for American Computerized Commodity Exchange System and Services. Terminals will be made available to all NYMEX members for a low monthly fee. Current plans call for the system to operate between the hours of 5 p.m. and 8 a.m., EST.
Users will have the opportunity to trade futures and options on light, sweet crude oil; heating oil; gasoline; and platinum, as well as the pending sour crude oil futures contract. Those markets open between 8:20 a.m. and 9:50 a.m. and finish trading by 3:10 p.m., EST.
Z. Lou Guttman, chairman of the NYMEX board, said the exchange expected to be able to offer the system by the end of 1992.
He said, "The world has become a global marketplace. As the preeminent energy futures exchange, we can no longer deny our foreign customers access to our markets during their regular business hours. It is essential that the energy and platinum industries have the means to immediately address world events as they occur. We are delighted to enter into this historic endeavor with the communications and technological expertise of AT&T and TMI behind us."
Glenn Windstrup, president of TMI, said, "We are extremely pleased to be a member of a team which includes NYMEX and AT&T. Working together, we will create a flexible tool which will provide the marketplace with unsurpassed functionality and reliability."
L. Scott Perry, AT&T vice president of sales, eastern region, for business communications services, said, "Real time participation in world markets means transactions -- complete, secure transactions, any where, any time, that are as quick as a nod of the head, and as firm as a handshake between lifelong trading partners. And that can only be accomplished with a highly sophisticated electronic communications and computing infrastructure -- one such as the electronic trading system NYMEX is introducing today."
/CONTACT: Robert R. Davis, 212-938-2882, or Nachamah Jacobovits, 212-938-2883, both of NYMEX; Glenn Windstrup of TMI, 708-442-5680; or Ralph Dobriner of AT&T, 908-221-4398/
(T) CO: New York Mercantile Exchange; AT&T; Task Management, Inc. ST: New York, New Jersey, Illinois IN: FIN TLS SU: CON JT-FC -- NY097 -- 2433 11/07/91 17:33 EST