IntercontinentalExchange (ICE), the Atlanta-based electronic commodity trading platform, has established a company to exclusively distribute its market data, officials said last week.The new company, called The 10x Group, offers a suite of data services to non-trading screen participants via the internet. The company has also developed a wireless trading service for ICE dealers.
The 10x Group was set up to meet the industry's need for verifiable, transparent and timely market data. It uses ICE's straight-through processing capabilities to streamline the data collection and verification processes.
The new company, with offices in London and Houston, is led by managing director Martin Wadhwani, who was previously head of Reuters' commodity and energy information group.
It competes in North America with a number of commodity data, news and commentary providers, including energy information service Platt's from McGraw Hill, Dow Jones Newswires and Oster Communications.
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