Nymex Europe finally official

New York Mercantile Exchange (Nymex) last week confirmed that it will be opening trading pits in London, a move exchange president Jim Newsome described as "the worst kept secret in the industry." However, the exchange said that it has not yet signed a lease on premises for the pits or lodged an application with regulator Financial Services Authority (FSA).

The new exchange will bring direct competition on the Brent crude contract to the door of the incumbent, International Petroleum Exchange...