FSA grants regulatory approval for Brent E-Miny
Having consistently failed to gain traction in its London
open outcry pits, New York Mercantile Exchange (Nymex) told
FO Week last week that the exchange had decided
re-evaluate its Nymex Europe business model.
A spokesperson for the exchange said, "We are working on
revising our business plan. We believed that there was
really strong support for open outcry trading when we initiated
the idea, but the marketplace evolves pretty quickly and as a
result we are updating and changing our business plan to
accommodate the marketplace as it is now."
The spokesperson said that the exchange remained focussed on
London, which it felt the recent launch of a Brent E-Miny
product demonstrated, but refused to comment on the future of
its open outcry floor.
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