Nymex abandons UK exchange

Nymex originally launched the open-outcry, London-based Nymex Europe in September 2005 to rival the electronic IntercontinentalExchange platform, which operates the global Brent crude benchmark.

Nymex Europe failed to attract significant interest however and the trading floor was closed in June 2006. Some blame its failure on regulatory issues that had delayed its launch while the International Petroleum Exchange, now known as ICE Futures, made a successful transition to electronic trading.