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Power bourse founded for futures trading
1 July 1999
A German power bourse, the German Energy Exchange (GEX), has been founded to start a futures trading market, following a competition among project consortia from the economics ministry. GEX was founded by the Frankfurt stock exchange company Deutsche Börse together with two companies operating futures exchanges: Eurex, a part subsidiary of Deutsche Börse with the Swiss Futures Exchange, and the American New York Mercantile Exchange (Nymex). Start-up date is still undecided. One losing competitor, the Leipzig Power Exchange (LPX) consortium, says it may still go ahead with its plan for a daily spot market. Its expected start is March 2000, followed a few months later by a futures market. The most important partner in LPX, with 25%, is Nord Pool, which operates the Scandinavian power exchange.
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