經(jīng)濟(jì)類文章精選：Crude awakening

5 Crude awakening

　　A battle between two energy exchanges

　　OPEN-OUTCRY trading is supposed to be a quaint, outdated practice, rapidly being replaced by sleeker, cheaper electronic systems. Try telling that to the New York Mercantile Exchange (NYMEX), the world's largest commodities exchange. On November 1st the NYMEX opened an open-outcry pit in Dublin to handle Brent crude futures, the benchmark contract for pricing two-thirds of the world's oil.

　　The NYMEX is trying to snatch liquidity from London's International Petroleum Exchange (IPE), which trades the most Brent contracts; the New York exchange has hitherto concentrated on West Texas Intermediate, an American benchmark grade. The new pit is a response to the IPE's efforts to modernise. On the same day as NYMEX traders started shouting Brent prices in Dublin, the IPE did away with its morning open-outcry session: now such trades must be electronic, or done in the pit after lunch.

　　The New York exchange claims that customers, such as hedge funds or energy companies, prefer open-outcry because it allows for more liquidity. Although most other exchanges are heading in the opposite direction, in commodity markets such as the NYMEX, pressure from "locals"--self-employed traders--is helping to prop up open-outcry, although some reckon that customers pay up to five times as much as with electronic systems. Even the IPE has no plans to abolish its floor. Only last month it signed a lease, lasting until 2011, for its trading floor in London.

　　Dublin's new pit is "showing promise", says Rob Laughlin, a trader with Man Financial, despite a few technical glitches. On its first day it handled 5,726 lots of Brent (each lot, or contract, is 1,000 barrels), over a third of the volume in the IPE's new morning electronic session. By the year's end, predicts Mr Laughlin, it should be clear whether the venture will be viable. It would stand a be

【經(jīng)濟(jì)類文章：Crude awakening】相關(guān)文章：

Characterization of water-in-crude oil emulsions in oil spill response04-30

Nitrogen isotopic geochemical characteristics of crude oils in several basins of China05-02

The geochemical characteristics and genetic types of crude oils in the western depression of the Liaohe Basin, China04-28

經(jīng)濟(jì)類學(xué)生自我鑒定05-04

Hydrogen isotopic compositions, distributions and source signals of individual n-alkanes for some typical crude oils in05-02

獨(dú)立學(xué)院經(jīng)濟(jì)類數(shù)學(xué)教與學(xué)的探討04-29

香港各大學(xué)經(jīng)濟(jì)類MPHIL的申請(qǐng)04-28

經(jīng)濟(jì)類專業(yè)實(shí)習(xí)報(bào)告（精選6篇）12-28

【推薦】經(jīng)濟(jì)類實(shí)習(xí)報(bào)告三篇04-28

談經(jīng)濟(jì)類學(xué)校的考研理性選擇04-30