NYMEX London Open Outcry Begins September 12

Discussion in 'Financial Futures' started by petrotrader, Aug 26, 2005.

  1. NYMEX Europe Limited to Launch Open Outcry Trading in London on September 12

    NEW YORK, N.Y., August 25, 2005 — NYMEX Europe Limited announced today that it expects to launch its open outcry trading floor on September 12, at 131 Finsbury Pavement, offering Brent crude oil futures and options and Northwest Europe gasoil futures, subject to final regulatory approval.

    NYMEX Europe filed its application with the FSA on April 7. The NYMEX Brent crude oil futures contract commenced trading in Europe in November 2004, when the Exchange opened a trading floor in Dublin. Trading at its Dublin facility will cease on September 9.

    Samuel Gaer, chief executive officer of NYMEX Europe, said, "We are delighted to be able to offer the marketplace what it has asked for — open outcry trading in London. Energy industry participants will benefit from the price transparency, market stability, and advanced technology that they have come to expect from NYMEX."

    Roy Leighton, chairman of NYMEX Europe, said, "We have worked closely with the Financial Services Authority to ensure that NYMEX Europe meets the needs of our regulators and our customers."
  2. FredBloggs

    FredBloggs Guest

    what a joke!!

    the whole of london is now sitting upstairs.

    all the old locals have either re-skilled in the screens several years ago (ie opened up an arcade), or they learned how to to drive a cab or opened a bar.

    nymex poached the remainder hanging around on the ipe back in '02, - kidnapping them over to nyc during a lunch hour in the mint (boozer over the road from ipe)

    who wants to go backwards?? especially when the ipe have also just taken the gig upstairs.

    not saying there is no need for a pit anymore, but we already have one - in nyc. the liquidity is on the screens. end of. im gunna short me some nymex stock (are they listed??)

    aint no fun (waiting round to be a millionaire) - ac/dc
  3. Here a thought on pit trading. On the Chicago exchanges you have electronic trading beside pit trading, on the European exchanges you have a "small trade" system and a "block trade" system. It seems that the very large players that have the ability to move the market cannot operate in a fully open electronic environment. From were I stand I seem to get better fills and access to liquidity with the Chicago model then with the European model. It seems the liquidity spills out of the pits and is soaked up by block trading. So maybe the "backwards" pit traders are as much friend as foe for those of use trading futures on IB.
  4. FredBloggs

    FredBloggs Guest

    valid point zf, i just dont see anyone wanting to go back there anymore.

    folk have moved on