New York Mercantile Exchange (Nymex) last week confirmed
that it will be opening trading pits in London, a move exchange
president Jim Newsome described as "the worst kept secret in
the industry." However, the exchange said that it has not yet
signed a lease on premises for the pits or lodged an
application with regulator Financial Services Authority
The new exchange will bring direct competition on the Brent
crude contract to the door of the incumbent, International
Petroleum Exchange (IPE).
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