North American Tech Outlook: ICE
July 01, 2001
by Emily Wilson
Founded in 1999, Internet Commodity Exchange (ICEcorp.com) was the first online exchange designed to facilitate the commercial transactions of grain and byproducts at a business-to-business level.
Activity on the main exchange site is open-forum and anonymous. Members logon to a secure, neutral platform to view or post bids and make offers for everything from alfalfa to zinc. Negotiation takes place electronically and through the automated transmission of e-mail notification.
Conceived and built by a talented team of grain merchandisers, industry leaders, and computer programmers, ICE is the natural extension of the long-standing traditional methods that make the grain industry unique. The logical flow and essence of the bid and offer process is preserved, while productivity and profitability are enhanced through greater and faster market reach and value discovery.
ICE has integrated many new features into the portal, including ICE Direct Interface commodity "tendering," complete grain news, weather, futures quotes and cash grain bids. Last November, ICE announced the launch of the ICE Private Network (IPN). This leading-edge technology provides commercial customers with a customized, private and branded e-commerce platform for posting and trading any agricultural product. With IPN, users invite only approved suppliers and customers to their private trading circle.
For a low flat monthly fee, the ICE Private Network user can utilize an expertly designed transaction platform with complete news, weather, and futures content. After assembling a list of approved members, the commercial customer can begin publishing live bids and offers, negotiating price, and then completing the trade in a fraction of the time required by traditional methods.
More than 400 commercial customers, representing more than 1,900 global locations, have placed their trust in this proven platform. In addition, more than 600 million bushels have been posted for trade and actual traded bushels total more than 120 million since the IPN launch in December 2000.
Internet Commodity Exchange Corp. (ICEcorp.com)
P.O. Box 9420
Shawnee Mission, Kansas 66201 U.S.