Jeffrey C. Sprecher
From MarketsWiki
| Jeffrey Sprecher | |
| |
| Occupation | CEO |
|---|---|
| Employer | IntercontinentalExchange |
| Location | Atlanta, GA USA |
| Web site | www.theice.com |
Jeffrey Sprecher was named founder and CEO of IntercontinentalExchange[1] (ICE) when the exchange began in May of 2000. He became chairman of the board two and a half years later.
Sprecher serves on the U.S. Commodity Futures Trading Commission Global Market Advisory Committee and is a member or the Energy Security Leadership Council.
Background
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With the markets turning increasingly electronic, Sprecher recognized the potential for building and operating a transparent and efficient marketplace for electronic over-the-counter energy commodities trading and in 1997 purchased Continental Power Exchange, Inc. (CPEX).
IntercontinentalExchange was formed in 2000, with CPEX contributing all of its assets, primarily electronic trading technology, as well as its liabilities. He spearheaded the assembly of 13 leading wholesale commodity market participants that became the company's initial shareholders, acquiring equity interests and the commitment to provide order flow to provide liquidity for the new electronic marketplace.
In June 2001, Sprecher negotiated the acquisition of IPE Holdings Plc, owner of the International Petroleum Exchange (IPE), London, a way to combine ICE's electronic platform for OTC products with the exchange-traded energy derivatives market. The acquisition enabled ICE to create the industry's first cleared OTC products through IPE's clearing provider, LCH.Clearnet.
In turn, the IPE began to develop its futures markets on ICE's trading platform and became the first energy commodity exchange to become fully electronic in April 2005. IPE was re-named ICE Futures in October 2005 and became a publicly traded company on Nov. 16, 2005, with its listing on the New York Stock Exchange.
In September 2006, Sprecher also negotiated the acquisition of the New York Board of Trade (NYBOT), the world's leading softs commodity exchange with a wholly owned clearing subsidiary. The transaction closed in January 2007, with NYBOT becoming a wholly owned subsidiary of ICE.
Politically in 2007, Sprecher donated to Collins for Senator, Price For Congress, Democratic Senatorial Campaign Committee, Chambliss for Senate, David Scott for Congress, Hillary Clinton for President, National Republican Senatorial Committee, Bob Etheridge for Congress Committee and McConnell Senate Committee '08.[2]
Early Career
Prior to acquiring CPEX, Sprecher held a number of positions, primarily in the power industry. For 14 years, he served as president of Western Power Group, Inc., a developer, owner and operator of large central-station power plants in California.
ICE Challenges CME
Perhaps one of the events that stands out most for Sprecher in a David-and-Goliath move, was ICE's challenge of futures-market-giant Chicago Mercantile Exchange in its bid to acquire the Chicago Board of Trade. While ICE ultimately was unsuccessful in its efforts, the price of the acquisition for CME grew substantially in the "bid/ask war" as major CBOT shareholders demanded a higher ante from CME.[3][4] This high-profile news event, along with an aggressive marketing effort in the energy space and other new acquisitions, put ICE's brand in the spotlight very shortly after its inception. Then in August 2007, ICE acquired the Winnipeg Commodity Exchange.
Recognition
Sprecher in 2006 was selected by MarketWatch (Dow Jones' online site for news, market data, portfolios, mutual funds, personal finance, and discussions) as one of five finalists for the "MarketWatch CEO of the Year,[5]" based on a track record that included stock price performance, customer service, treatment of employees and corporate-governance initiatives. In 2002, he was chosen by Business Week magazine as one of seven "Top Entrepreneurs of the Year.[6] He also was a finalist in Ernst & Young's "Entrepreneur of the Year Program".[7]
Education
A native of Wisconsin, Sprecher earned a Bachelor of Science degree in Chemical Engineering from the University of Wisconsin and an MBA from Pepperdine University.[8]
Stock Trading Plan
On Oct. 17, 2007, Sprecher sold $3.6 million worth of company stock, as part of a prearranged stock-trading plan, according to filings with the Securities and Exchange Commission.
News
On July 1, 2008, Sprecher responded to a BusinessWeek column on oil speculation, saying that ICE's markets are neither dark or unregulated.[9]
Resources
Bio page, Jeffrey Sprecher. Securing America's Future Energy (SAFE). Retrieved on October 29, 2007.
In the Media
References
- ↑ ICE web site. IntercontinentalExchange. Retrieved on October 29, 2007.
- ↑ Jeffrey Sprecher. NewsMeat. Retrieved on February 18, 2008.
- ↑ "Chicago Exchange Battle Takes a Turn". Forbes.com. Retrieved on October 29, 2007.
- ↑ "Five Questions for Jeff Sprecher". Futures Magazine Editorial Blog. Retrieved on October 29, 2007.
- ↑ MarketWatch CEO of the Year 2006. MarketWatch. Retrieved on April 7, 2008.
- ↑ Jeffrey C. Sprecher. InterContinentialExchange. Retrieved on April 7, 2008.
- ↑ Member Profile. Ernst & Young. Retrieved on April 7, 2008.
- ↑ SPEAKERS. The Software & Information Industry Association. Retrieved on April 7, 2008.
- ↑ ICE's CEO Sprecher Responds. BusinessWeek. Retrieved on July 3, 2008.
