Time called on IPE floor

Open outcry trading at International Petroleum Exchange ended on 7 April. The transition to an all-electronic exchange was taken in response to the impending arrival in London of New York Mercantile Exchange (Nymex), which plans to open its own trading pits later this year (see FO Week Vol 10 No 11).

Nymex hosted a function for IPE traders leaving the exchange on the last day of trading. The New York exchange is hoping to persuade floor traders to move to its...