Firms hedge bets as IPE sees good response on screen
New York Mercantile Exchange (Nymex)'s Dublin Brent
open-outcry market fared well in the morning of its first day
but trading tailed off in the afternoon as the pits opened at
London rival International Petroleum Exchange (IPE).
Nymex said in a press release that it traded 5,726 overall
on 1 November, but a spokesperson for the exchange told FO
Week during the day that 4,500 trades had been executed by
approximately 1.40pm; IPE opened its floor at 2pm.
Approximately 40 traders were present in Dublin on day one,
with approximately the same number waiting for clearance to
trade, according to an exchange spokesperson. Of those present,
around 15-20 were from London, 5 from New York and the rest
were Finex Locals. Firms present included PVM, BNP Paribas,
Rand Financial, Man, Calyon, CIS, Amarex and Refco.
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