New York Exchange (Nymex) has initiated plans to close down
its exchange operations in Europe after disastrous volumes over
16 months of trading led to the exchange's management to cut
losses and shut up shop.
The exchange has not yet approached the UK's Financial
Services Authority (FSA) but, in a letter to members obtained
by FO Week, it stipulated its intentions to wind down
the exchange after undertaking a review which identified
"significant changes in the market place and manner of trading
for exchange traded products over the last few years". The move
prompted the board to change its strategy regarding Europe.
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