IntercontinentalExhange (ICE)'s plans for its subsidiary,
International Petroleum Exchange (IPE), to switch to electronic
trading received a boost as ISV Patsystems announced the launch
of an exchange-specific adapter, increasing speculation of a
move towards screen trading in anticipation of New York
Mercantile Exchange (Nymex)'s opening a London trading pit.
Nick Garrow, Pats' director of sales and product management,
said that he believed the Nymex announcement (see story p3)
will continue an accelerating trend to trade electronically on
IPE. He said, "As usual it's going to be pushed by the biggest
customers and the biggest users but that would certainly give
[IPE], I would have thought, a major source of competitive
advantage over Nymex opening up in London with the old
floor-based open outcry system."
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