Following Loss of IPE, Nymex launches Brent Contract
New York, ---From the front lines of the online war comes news that the New York Mercantile Exchange is launching its own Brent crude futures contract in mid June. (5/11/2001)
This is the latest shot fired in a continuing battle that began when the Nymex lost out to Atlanta’s InterContinentalExchange over London’s international Petroleum Exchange last month.
Nymex board members are working out the final details of the contract, including settlement issues, or the processing of trades before announcing a start-up date. "We are going to be very aggressive," Nymex said on Thursday. Nymex will compete with the IPE, which late last month said it would merge with the Intercontinental Exchange (ICE), to form a global electronic trading platform.
Nymex had been interested in increasing its stake in the IPE, but was rebuffed. Nymex said on Thursday it would not rule out a late rival bid, but that it remained focused on the Brent contract. The Manhattan-based exchange's attempts to lure customers from the IPE One large oil company, which did not want to be named, said it would use Nymex when Nymex recently demutualised, incorporating itself into a joint-stock company, and is due to launch eNymex, its electronic trading platform, in 2001.
Author:EyeforEnergy Newsdesk |
