Seven banks and oil groups are set to launch an internet-based electronic marketplace - the IntercontinentalExchange, by the end of the year.

Partners involved include Deutsche Bank, BP Amoco, Goldman Sachs, Royal Dutch Shell, TotalFina Elf, Société Générale and Morgan Stanley Dean Witter. The companies will trade over the counter (OTC) energy, metals and other products in a sector capitalised at around £1.1 trillion annually.