CheMatch Selects REFCO As Clearing Broker For Chemical Futures Trading
NEW YORK (October 9, 2001) - Refco, a 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.
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.”
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