viva pits!

[charliechan]

anyone yearning for the money of yesteryear need hold their breath no longer.

nymex for some odd reason are opening a pit/s in london for their energy contracts - well thats the word on the street, and i dont mean wall street - i mean finsbury pavement to be exact!

so all you kids sitting in the arcades between video games at home can now venture out and get some exercise and have some real trading fun - beats staring at a vdu all day.

ipe didnt even require you to sit an exam i hear (apart from basic exam to make surre you are ok with open outcry procedures). you just put your money down, grab your coat, and away you go.

 

[Anonymous]

Does that mean the Arcades are done for?

 

[charliechan]

lol - i doubt it

 

[Directional]

i did read on FOWeek website that Nymex were bringing open outcry for both WTI crude and Brent to London. They are awaiting regulatory approval for exchange status.

They had initially got a pit running over in dublin since the irish equivalent of the FSA granted them fast-track exchange status, so Nymex thought they would get a floor running in dublin to capitalise on the IPE floor closing - quite a few IPE floor traders went over there to give it a try, but from what I read, it didnt take off - pretty sure Nymex pulled out of dublin due to lack of interest and lack of volume.
http://archives.tcm.ie/irishexaminer/2005/02/16/story354761274.asp

Makes you wonder if its really worth their trouble - why trade crude in London when there is already big floor volume at Nymex US? in london, the liquidity and volumes of the IPE electronic contract is already overtaking Nymex's US floor operation.

 

[Anonymous]

They may be using the marketing strategy of the Eurex in Chicago. Where there is liquidity, that's the place to go.

 

[oatman]

Does that mean the Arcades are done for?

No, it still means open outcry is done for.