IPE to keep pits

26 Jul 2004

International Petroleum Exchange (IPE) announced plans to guarantee the future of open outcry trading on the exchange "for a number of years," although the proposal was tied to a reduction in open outcry trading hours. IPE floor traders staged a boycott on Wednesday in protest at rumours of the threatened trading hour reduction, which was announced the next day following an IPE board meeting.

An IPE statement following the meeting confirmed that the...

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.