MichCon addition provides enhanced services for clients
CALGARY, July 12 /CNW/ - Natural Gas Exchange Inc. (NGX), a wholly-owned subsidiary of TMX Group Inc., today announced that it has added a new natural gas clearing point at Michigan Consolidated Gas Company (MichCon), an integrated natural gas utility in Michigan that is a wholly-owned subsidiary of DTE Energy Company.
The addition by MichCon features a new NGX pool for physical clearing, which will enhance trading liquidity, streamline procedures and reduce administrative expenses for all clients. The intrastate market in Michigan is one of North America's most actively traded natural gas markets and serves as a natural bridge between U.S. and Canadian market participants.
"We are extremely pleased to work with MichCon to create a unique clearing point in our U.S. market and expand services for our clients," said Peter Krenkel, President, NGX.
"MichCon is excited to be added as a NGX location," said Mark Stiers, Vice President, Gas Sales and Supply, MichCon. "We believe that the NGX platform and associated credit consolidation provides our customers and prospective customers with transaction ease that will breed greater activity and liquidity on MichCon's system. A real win win situation!"
In addition, NGX also announced that it has added two other hubs: Gas Transmission Northwest Stanfield in Oregon and Northern Border Pipeline Ventura Transfer Point in Iowa, bringing the total number of U.S. locations to 29.
About TMX Group (TSX-X)
TMX Group's key subsidiaries operate cash and derivative markets for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange, Natural Gas Exchange, Boston Options Exchange (BOX), Shorcan, Equicom and other TMX Group companies provide trading markets, clearing facilities, data products and other services to the global financial community. TMX Group is headquartered in Toronto with offices in Montreal, Calgary and Vancouver. For more information about TMX Group, visit our website at www.tmx.com.
SOURCE Toronto Stock Exchange
For further information: For further information: Carolyn Quick, Director, Corporate Communications, TMX Group, 416-947-4597, firstname.lastname@example.org