Nymex London trading floor to get electronic order-routing
In the face of continued growth in Brent volumes at the
newly all-electronic International Petroleum Exchange (IPE),
some market participants have expressed doubt over the
viability of New York Mercantile Exchange (Nymex)'s open outcry
challenge for the contract, even after the exchange relocates
Nymex's Dublin venture has struggled recently, the latest
blow being the departure of Local clearer ADM (see FO
Week Vol 10 No 20) and one participant source told FO
Week that the only reason there are volumes there at all
is the promise of a London exchange this summer.
The source said, "What's happening in Dublin is that the
Americans have basically deserted it and left it to the
British. The US Locals have gone back - what is the point, when
there's open outcry in New York? In Dublin you've got a bunch
of Locals staring at each other waiting for the paper to come
in; there is no doubt that Dublin would fail if it wasn't for
the fact that they were coming to London."
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