The upcoming launch of New York Mercantile Exchange (Nymex)'s physically-delivered WTI crude contracts traded on Chicago Mercantile Exchange (CME)'s Globex trading platform could prove a critical moment in deciding the fortunes of the US commodities exchange if it does not
perform to the degree of ICE Futures' rival contract, sources have told FO Week.
Last week, one source described the migration as a "defining moment" for the New York exchange, adding that it could also decide where the future of the contract would eventually lie.
"It won't be long after the contract goes to screen before it is clear what people would rather trade. It could go three ways: either there is a healthy balance between Nymex's floor and Globex volume, screen trading on Globex completely takes over from the Nymex...