OASIS Mailing List ArchivesView the OASIS mailing list archive below
or browse/search using MarkMail.


Help: OASIS Mailing Lists Help | MarkMail Help

announce message

[Date Prev] | [Thread Prev] | [Thread Next] | [Date Next] -- [Date Index] | [Thread Index] | [Elist Home]

Subject: Petroleum trading tops $1 billion on HoustonStreet Exchange

Contact:	Deb Dargie						Kim
		Beaupre & Co. Public Relations Inc.
HoustonStreet Exchange
		(603) 559-5826					(603)
ddargie@beaupre.com				ksalem@houstonstreet.com

Petroleum trading tops $1 billion on HoustonStreet Exchange

Company responds to user feedback and prepares for more trader activity
PORTSMOUTH, N.H., Oct. 2, 2000 * Bolstered by ever-increasing trading volume
and a shift toward doing business on the Web, HoustonStreet Exchange's crude
oil and refined products platforms last week surpassed more than $1 billion
in trades in just over four months after going live, the company today
announced. The company has applied the knowledge that it has gained from
this trading activity to provide further enhancements to drive liquidity on
its trading platforms, and today released its latest upgrade to both
petroleum platforms. 

HoustonStreet has created a superior trading engine by tailoring its
platforms to meet the needs of traders. To keep the site current with
evolving trader needs, HoustonStreet has continually enhanced both platforms
based on that community's feedback. HoustonStreet's strategic partnerships
with Equiva Trading Company (the trading element of the U.S. downstream
Alliance of Shell Oil, Texaco, Inc. and Saudi Aramco) and Conoco have
ignited the site's liquidity and trading volume. 
"In this market, it is vital to have solid user feedback so we can provide
our traders the best tools to conduct business over the Web," said Michael
Dailey, HoustonStreet's director of oil platforms. "We've established
relationships with significant energy companies that know the industry and
know how to generate liquidity. Together with our neutral trading engine and
our focus on execution to quickly respond to feedback from our trading
community, we have been able to secure a leadership position in online crude
oil and refined products trading.  We are pleased to achieve the $1 billion
mark and look forward to even greater liquidity going forward."
HoustonStreet's refined products trading floor, which includes gasoline,
diesel and heating oil, now allows traders to conduct buy/sell transactions.
This new functionality enables traders to exchange one refined product for
another based on product grade, delivery timeframe or pipeline. Additional
enhancements to both platforms, such as increased login security and audible
alerts, will further answer trader requests.
"The system is very easy to use and very intuitive," said Barry Bernfeld,
president of Societe Generale Energie (USA) Corp. "I'm looking forward to
the new version, with its ability to trade buy/sells, which I'm confident
will increase liquidity."
"With a few simple clicks, our traders are on the floor and doing deals,"
said Brian King, executive vice president and chief operating officer of
HoustonStreet Exchange. "Traders know what they need better than we do, so
we're using their input to help us further refine a system that is already
working very well. Understanding the nuances and differences in each
commodity we offer, and translating that into specific trader functionality,
will be a major part of our continued success."

About HoustonStreet Exchange

Designed by traders for traders, HoustonStreet.com represents the first Web
portal for trading wholesale energy products. HoustonStreet.com allows
traders to buy and sell their energy products faster, more efficiently and
more easily than through traditional methods. HoustonStreet, Inc. is
headquartered in Portsmouth, N.H. with offices in Houston, Texas and foreign
subsidiary offices in Amsterdam and London. The company is a majority-owned
subsidiary of BayCorp Holdings, Ltd., (AMEX: MWH). For more information,
visit HoustonStreet at www.houstonstreet.com.
# # #

This press release contains forward-looking statements. There are a number
of important factors that could cause these forward-looking statements to be
materially inaccurate. These factors include, without limitation, that (i)
energy traders may be unwilling or unable to use Internet-based energy
trading systems, including HoustonStreet.com, (ii) HoustonStreet.com may not
be able to operate profitably, (iii) technological or systems outages could
occur, (iv) competitors with greater financial, marketing or other 
resources could emerge, (v) performance is contingent upon successful
completion of design, implementation and improvement to the electricity,
crude, refined products and natural gas sites, and (vi) market acceptance of
HoustonStreet.com cannot be predicted. HoustonStreet.com is a registered
service mark of HoustonStreet Exchange.

[Date Prev] | [Thread Prev] | [Thread Next] | [Date Next] -- [Date Index] | [Thread Index] | [Elist Home]

Powered by eList eXpress LLC