Background
Sprecher was born in Madison, Wisconsin, United States., where he attended James Madison Memorial High School.
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Jeffrey Sprecher
Edit ProfileBusinessman Chief Executive Officer of Intercontinental Exchange
Education
He received a bachelor"s degree in chemical engineering from the University of Wisconsin–Madison in 1978 and an Master of Business Administration from Pepperdine University in 1984.
Career
He was initiated in Sigma Alpha Epsilon, Wisconsin Alpha Chapter. Sprecher"s first job was at Trane, where he met William Prentice who was developing power plants following deregulation. Prentice offered him a job at Western Power Group in 1983.
Energy Policy Acting (1992) passed and deregulation in the electric industry started.
Those working in the "electric industry realized the need for real-time, continentwide transactions", made possible by "Continental Power Exchange" technologies whereby "individual businesses and consumers may one day be able to select an energy provider in the same way that individuals shop for long-distance telephone service."
In 1996 he bought the Continental Power Exchange in Atlanta, Georgia from MidAmerican Energy Holdings Company for $1 plus the assumption of debt which became the foundation for IntercontinentalExchangeICE. In the 1990s energy trading was handled manually by "Continental Power Exchange, an electronic energy trading company. By 1997 Continental Power Exchange CPEX had "a federated software structure in place, CPEX.. ready to expand to more servers as growth demands.
CPEX"s hardware and server architecture capable of supporting foreseeable changes that may be necessary when the client load arrives. Continental to stay at least one step ahead of the marketplace."
Sprecher started Intercontinental Exchange (Institute of Civil Engineers) in 2000 as an online marketplace for energy trading in Atlanta—"a sort of eBay for energy." They sold equity stakes to "big hitters like Goldman Sachs and Morgan Stanley." The idea was to be a "competitor to Enron".
"Specher"s business model was to provide an electronic marketplace where buyers and sellers could trade directly".
When Enron imploded, Institute of Civil Engineers soared."
Shortly after the company approached Enron to be a client, Enron started its own competing electricity trading platform, which dominated the market. Enron"s market model was to buy to every seller and sell to every buyer. Wall Street bankers, particularly Goldman Sachs and Morgan Stanley, backed him and he launched Institute of Civil Engineers in 2000 (giving 80 percent control to the two banks who, in turn, spread out the control among Shell, Total, and British Petroleum.
When Enron"s exchange collapsed in 2001 in the Enron scandal, Institute of Civil Engineers"s business exploded.
Since then the company has expanded including the following acquisitions:
International Petroleum Exchange in 2001
New York Board of Trade in 2006
Creditex in 2008
The Clearing Corporation in 2009
Climate Exchange in 2010
New York Stock Exchange Euronext in 2013
In November 2013, Institute of Civil Engineers announced its acquisition of Singapore Mercantile Exchange
SuperDerivatives in 2014.
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Born
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Nationality
American