Following a board meeting last week, International Petroleum Exchange (IPE) has announced plans to close its oil and gas trading pits, a move widely anticipated in the run up to the opening of London pits by New York Mercantile Exchange (Nymex).
In a statement, IPE said that the decision had been taken in order to "maintain and enhance the competitive position of the IPE as well as to take advantage of the greater acceptance and adoption of electronic trading." Industry sources have anticipated this move for some time, believing that the transition would force market participants to close their floor trading operations before Nymex opens in London, reducing the incoming exchange's chance of success (see FO Week Vol 10 No 8).
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