International Petroleum Exchange (IPE) is courting potential electronic market makers for its Brent crude futures in preparation for reduction in pit trading hours later this year. Sources told FO Week the 10am-2pm pit trading session would be dispensed with in October, leaving morning trading entirely electronic.
In a circular to IPE members obtained by FO Week, the exchange invited members and non-members to become market makers for up to a maximum of 4.5 hours of the electronic trading session for Brent futures.
A source at one member firm said that he had been approached by the IPE executive about the proposal and informed by them that the exchange also plans to announce next month...