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Nymex pit opens in London

Some 76 individuals and 12 companies showed up to trade Brent and gas oil futures on the first day of trade at the New York Mercantile Exchange’s London trading floor today (Monday).

    • Stella Farrington
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The exchange brings open-outcry trade in energy futures back to the City for the first time since the closure of the International Petroleum Exchange’s floor four months ago. By the close of trading, Nymex Europe's Brent crude oil futures contract reached an estimated volume of 16,591 contracts.

“Open outcry is back in London,” announced Mitchell Steinhause, vice-chairman of Nymex Europe, before ringing the opening bell. “Open outcry is our lifeblood,” he stressed, adding his belief that

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