Side-by-side trading attempts to break ICE
New York Mercantile Exchange (Nymex) announced it will offer
electronic trading of its energy futures contracts during pit
trading hours in the second quarter, a move the exchange had
previously insisted was unnecessary, in a bid to counter the
recent competitive threat from Intercontinental Exchange (ICE)
(see FO Week Vol 11 No 2).
Offering side-by-side trading on its ClearPort trading
platform is a major move by the New York exchange, which had to
that point staunchly defended floor trading as the best way to
deal commodity products.
Market sources, though, commented that exchange members and
executives "undoubtedly" took notice of the early success its
rival Intercontinental Exchange (ICE) had with the launch of
its competing WTI crude futures contract launched on 3
February. In its first four days, the contract traded 38,633 on
day one, 3 February, and 28,246, 45,962 and 44,873 from 6 to 8
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