Ice has been running since August 2000 when it initially offered trading of oil and precious metals. In addition to these markets the platform now enables trading of power, natural gas, coal and emissions.
The site has over 6,000 users, including more than 600 corporates. The platform is free to use and Ice makes its return from commission on the deals. All quotes on the dealing page are live and firm and Ice claims that at any one time an average of 3,000 users are logged on, with transactions occurring every 2.5 seconds. A trader is able to click on any quote displayed on the trading axe and enter a bid. If this bid is then hit, the bidder will receive pre-confirmation.
Separate from the Ice trading platform is a useful application called eConfirm. This links into the user's back office and enables automatic matching and, therefore, more efficient confirmation. Importantly, eConfirm can be used for all trades, not just those executed on the Ice trading platform. The site also offers reporting.