Battle for Brent rages on as open outcry closes at IPE

Open outcry at London’s IPE had its last day on Thursday, yet the debate over whether the screen can adequately replicate an oil market rages on, with IPE and Nymex both taking a punt on opposing beliefs.

London’s International Petroleum Exchange closed its Brent and gas oil pits for the last time at 6pm on Thursday April 7, bidding farewell to 24 years of open outcry and a highly successful floor business, which consistently achieved record volumes over the last two years.

The IPE hopes its lucrative floor business will simply switch to the screen, but the story may not be that straightforward due to plans by the New York Mercantile Exchange to open up a rival London-based exchange offering