The new facility will allow compliance schemes, obligated packaging producers, reprocessors and exporters to buy and sell PRNs through a spot market and two different kinds of auctions, traditional style and reverse auctions.
 PRN Auctions offers a spot market for packaging waste recovery notes |
The new service will be officially launched on Wednesday July 9, 2003. Commenting on the new service, API trader David Adams said: “We are a fully independent service, not connected in any way to a compliance scheme or any registered reprocessor.”
He explained: “The system is fully interactive – people can go straight on and buy PRNs and it all updates instantly. We will still be available for clients if they need any help, but with this, they can simply register free online, and then there's the two elements – the spot market and the auctions.”
The paperwork for all transactions is carried out at the API head office in Brighton, with a turnaround of either 5 – 14 days with the standard service, or within 48 hours with the express service.
API trading has taken on two additional staff members to cope with the online expansion of the business, but speaking to letsrecycle.com, Mr Adams stressed that the online service was an expansion of the company, and that it would not be replacing the company's established telephone trading service.
He said: “This is an expansion of our business, it will have no affect on our existing telephone trading business, which is seeing a substantial amount of trade in its own right. But we have found that people in the past said they don't want to buy from us purely because we don't have the online capability, so we have invested a considerable amount of time to undertake this venture.”
For more information on the new PRN trading website, visit www.prnauctions.com.
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