Nymex OMX London deal due "within weeks"
A source close to London's International Petroleum Exchange
(IPE) has confirmed that the exchange may decide to close
Brent futures pits to shore up volume on screen ahead of New
York Mercantile Exchange (Nymex)'s intended launch of a
London Brent open outcry exchange later this year.
Such a move would create headaches for managers of floor
trading outfits in London as they would have to decide whether
to retain staff with no pits operational, hoping for a quick
and successful Nymex launch, or overhaul their operations -
likely involving job losses - in anticipation of an electronic
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