Comex deal will put metals on screen

25 Sep 2006

Precious and base metal contracts traded at New York Mercantile Exchange (Nymex) were set to be moved to side-by-side electronic and pit trading if a deal struck with subsidiary Comex was approved by members of both exchanges.

A Nymex spokesperson declined to put a precise target date on the switch, but confirmed to FO Week that if the...

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“The fact is, an awful lot of people would be very happy for all business to be transacted over the counter. Transparency is good for the consumer, but privacy is better for the banks and the brokers. Wherever there’s a grey area, it’s possible to make money.”

European consultants predict frantic lobbying during the Mifid review.