New York Mercantile Exchange (Nymex) president Jim Newsome
said on 8 November that the exchange will begin offering
side-by-side electronic and floor trading of contracts in
London and redouble its efforts to bolster its electronic
He also said that the middle of next year was a "realistic
timetable" for the exchange's IPO, following the expected
finalising of the sale of a 10% stake in Nymex to private
equity firm General Atlantic.
Newsome admitted that floor-based trading in London had "not
been going as well as hoped" and the exchange had applied to
Financial Services Authority (FSA) to list its Brent crude oil
and gasoil contracts on screen in Europe. He said contracts
would be made available side-by-side in London as soon as
regulatory approval was granted.
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