New York Mercantile Exchange (Nymex) president Jim Newsome said on 8 November that the exchange will begin offering side-by-side electronic and floor trading of contracts in London and redouble its efforts to bolster its electronic trading platform.
He also said that the middle of next year was a "realistic timetable" for the exchange's IPO, following the expected finalising of the sale of a 10% stake in Nymex to private equity firm General Atlantic.
Newsome admitted that floor-based trading in London had "not been going as well as hoped" and the exchange had applied to Financial Services Authority (FSA) to list its Brent crude oil and gasoil contracts on screen in Europe. He said contracts would be made available side-by-side in London as soon as regulatory approval was granted.
However, he reiterated that listing the contracts...