Editorial - Fear is the key

New York Mercantile Exchange is at a pivotal stage in its history. As the first exchange to have seat prices hit the $2m mark, and with volume records rolling in, it has reason to be cheerful. But with competition looming on several fronts and a lot riding on the long-term prospects of open outcry, the exchange's laurels will not make a comfortable resting place for long.

Despite the fact that Nymex boasts the...