As editor at large Tim Wilson has reported in several stories, it's critically important to know who owns these e-marketplaces. A baseline requirement is financial stability. This third capability is the most elusive. Guaranteeing execution and fulfillment is about providing true liquidity. Sites that function as online bulletin boards can't deliver this liquidity.
Exchanges owned by independent third parties do offer some advantages.
In chemicals, the likes of ChemConnect and CheMatch are early leaders, while the industry-led Elemica and Envera still haven't begun operations. Most companies will gravitate to industry-owned exchanges because they already do business with one or more of their principals. There's potential for abuse, but the FTC is keeping close tabs on anticompetitive behavior. Enron owns only a small fraction of what it sells, but it's got the industry relationships and insider know-how to be able to deliver on its promises. Buyers know Enron's vested interests.