Richard Schaeffer, chairman of New York Mercantile Exchange (Nymex), says his exchange will soon be competing in the European clearing market.
"We are going to be clearing in Europe," he said. "It will not be another year before this happens, we're reasonably sure about that,"
In November, Nymex purchased a 15% stake for $52m, in Imarex, the Norwegian freight OTC derivatives...