IPE prepares Nymex defence

A source close to London's International Petroleum Exchange (IPE) has confirmed that the exchange may  decide to close Brent futures pits to shore up volume on screen ahead of New York Mercantile Exchange  (Nymex)'s intended launch of a London Brent open outcry exchange later this year.

Such a move would create headaches for managers of floor trading outfits in London as they would have to decide whether to retain staff with no pits operational, hoping for a quick and successful Nymex launch, or overhaul their operations -...