Imex seeks transparency
Posted: 18 June 2007
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International Mercantile Exchange Holdings has appointed Steve McMillan as CEO of Qatar’s energy exchange, Imex.
 McMillan, with over 20 years experience of financial intermediation, joins Imex from GFI Group where he was CEO Europe. He played a key role in developing new product lines including dry and wet shipping trades, carbon emissions credit trading, coal options, property derivatives and credit derivative loan indexes.
McMillan said Imex’ mission is to increase the price transparency and pricing autonomy in the Middle East and North Africa for those commodities that have not as yet been benchmarked on a global basis.
“Imex will achieve this by offering a range of innovative products and processes, to both regional and global market participants, and to become their primary trading marketplace,” he added.
"The energy industry is going through a dynamic time of change. With global energy demand rising and ever-increasing focus on greener energy options, it is clear that alternative products such as bio fuels, solar power and LNG are becoming an increasingly essential component of the product mix within the energy industry.
“The on-going globalisation of greenhouse gas trading schemes and its relevance to the Middle East is another example of the broad range of regional opportunities. Imex will be looking to identify products that will benefit from price transparency and in turn create trading opportunities in these new and dynamic markets.”
Imex, initially located in the Qatar Financial Centre in Doha , will be moving in 2009 to Energy City in Qatar - a $2.6 billion energy business district due for completion by 2012.
Imex plans to begin operations later this year, following approval by Qatar ’s financial regulator, the Qatar Financial Centre Regulatory Authority. |
