New York Mercantile Exchange (Nymex) is expected to backtrack on plans to open a trading pit in Singapore, a move which would effectively end its previously stated plan to establish open outcry trading venues in every major timezone.
Nymex has been in discussions with Singapore Exchange (SGX) with a view to establishing a joint venture that would utilise the SGX trading floor once trading in SGX has migrated fully onto screen. However, Nymex is now leaning towards electronic-only trading for the Asian market, according to chairman Jim Newsome.
"Initially, [SGX] approached us to open an exchange," he said. "Now we don't want to...