ICE to buy Enron’s back-office architecture

Atlanta-based commodities market-place the IntercontinentalExchange (ICE) plans to acquire the assets of CommodityLogic, a collection of back-office software and hardware, from bankrupt energy trader Enron. The purchase and sale agreement is subject to final bankruptcy court approval.

The CommodityLogic system consists of a central data hub, which connects to modules that perform specific tasks related to back-office functions. These modules include ConfirmLogic, which allows users to confirm trades online; InvoiceLogic, a system that verifies and matches invoices automatically; BankLogic, which provides early payment options for normally scheduled payments; and DocSwapLogic, a service that allows users to share, manage and electronically sign trade-related documents online.

"The acquisition of CommodityLogic will provide Intercontinental's global customer base with access to an expanded suite of back-office services for over-the-counter energy and metals trading," said Jeffrey Sprecher, ICE chief executive. "The services offered by CommodityLogic complement our existing eConfirm service."

ICE’s eConfirm is a digital confirmation service used to provide post-trade legal confirmations for over 150 products commonly traded in the energy and metals market-place.