The Patsystems, a UK-based software specialist, is the trading system supplier for Pakistan's first commodity exchange, the National Commodity Exchange Limited.(NECL) The Patsystems, as the global supplier of trading technology and exchange systems technology, has created an exchange-specific adapter (a software link) for the New York Mercantile Exchange (Nymex). Conformance tests have been passed, and live trading will begin shortly.
The Patsystems' front-end and API-users now have connectivity to a vast range of commodity contracts such as crude oil, gasoline, heating oil, natural gas, electricity, gold, and silver.
Nymex is the worlds largest physical commodity exchange. Although predominantly open outcry, it has a growing electronic business that the Patsystems will support through the distribution of its J-Trader front-end, similar to the one installed at NCEL. The Patsysterns will provide floor order routing and electronic access through NEON, the exchange's electronic order network, introduced in October 2004.
The Nymex connection follows the announcement at the beginning of February that the Patsystcms has connected to the International Petroleum Exchange (IPE) in London.
Commenting on the latest connection, Patsystems CEO Kevin Ashby said: "We are building a strong presence in energy markets, with connections to Tocom, IPE, and now Nymex, and see the development of energy trading as a strong focus of our electronic business."-PR