Frosty reception for Nymex London

Following the announcement that New York Mercantile Exchange (Nymex) is to open its London Brent open outcry trading floor on 12 September (see FO Week Vol 10 Issue 34) there has been a largely negative response from the market as to its prospects of success.

A senior executive at one potential member firm told FO Week his firm would probably only be a very unenthusiastic partial participant for a short trial period.

"I think it's an utter waste of time," he said. "I think Nymex is in...