New York Mercantile Exchange (Nymex) confirmed last week
that it would launch its mini metals contracts on the same day
that its competitor, London Metal Exchange (LME) debuts its
own, setting up the start of a mouth-watering volumes race
between the rival exchanges. Adding further interest was the
possibility that LME could launch the contracts on an unproven
trading system, Select version four plus.
The majority of the industry's concerns lay in LME's lack of
distribution and functionality of its Select system compared to
that of Chicago Mercantile Exchange's Globex system, through
which Nymex's lookalike contracts would trade. It was that
matter which people said would be likely to determine which of
the exchanges would hold the larger volume after the two sets
of contracts launch on 4 December.
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