STOCKHOLM, Sweden, March 17, 2004 (PRIMEZONE) -- OM, a world leading provider of marketplace solutions and services for the financial and energy markets and EDINFOR/ ACE, a leading Portuguese systems integrator, have signed an agreement for the delivery of a trading and clearing system to Operador do Mercado Iberico de Energia (Polo Portugues) (OMIP).
Spain and Portugal have formally signed plans to create a pan-Iberian electricity market. The liberalization plan, known as MIBEL, will make it possible for participants in the pan-Iberian electricity market to buy and sell electricity on either side of the Spain/Portugal border. The single electricity market, will have 28.5 million business and domestic customers when it comes into effect in April this year. OMIP, a company created with the signing of MIBEL, will operate the Iberian derivatives market and the inherent clearing business, including OTC clearing.
OM has been selected to provide its CONDICO(TM) marketplace solution for energy trading and clearing to OMIP. The OMIP system will be put into production on April 20, 2004 and is an important building block in the newly integrated market.
"The fact that OM been chosen to deliver the energy trading and clearing system to MIBEL is acknowledgement of our position as a leading provider to the global energy industry and of the flexibility of our systems to adapt to international markets," said Klas Stahl, President, OM Technology. "CONDICO's fast time-to-market has been proven valuable in being selected for this contract."
About CONDICO (TM)
CONDICO (TM) is a modern marketplace platform based on a set of field- proven modular subsystems and designed to meet energy trading communities' need for an integrated and cost-efficient transaction platform. By offering the latest in transaction technology, CONDICO (TM) delivers significant technology and integration efficiencies, and brings trading and clearing operations into a fully extensible web-supported environment. The flexibility and modularity of the CONDICO (TM) framework enables the platform to be configured to meet changing business requirements as liquidity and revenue needs evolve in a growing marketplace.
About OM/OMHEX
OMHEX owns and operates the largest securities market in Northern Europe and is a leading provider of marketplace services and solutions for the financial and energy markets. OMHEX consists of two divisions: OM Technology - a world-leading provider of outsourcing and transaction processing solutions and services based on pioneering and proven technology, and HEX Integrated Markets - the integrated Nordic and Baltic marketplace for securities, giving customers access to 80 percent of the Nordic and Baltic Securities market. OMHEX is listed on Stockholmsborsen and Helsinki Exchanges. For more information please visit www.omhex.com.
For more information or comments, please contact:
Anna Rasin, VP Marketing & Communications; OMHEX +46 8 405 66 12 Klas Stahl, President, OM Technology +46 8 405 77 07
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http://www.waymaker.net/bitonline/2004/03/17/20040317BIT00550/wkr0001.pdf