Nymex Europe to shut trading floor

The exchange announced yesterday that the open-outcry trading floor would close on June 9. Electronic trading of futures in Brent crude and Northwest gasoil via the Chicago Mercantile Exchange's (CME) Globex platform will begin on June 12.

The price of the Brent futures contract will converge with the ICE Brent index at the conclusion of trading, Nymex Europe said.

The move will cost Nymex between $2.5 million and $3.5 million in asset writedowns and lease termination costs, according to its quarterly statement in May.

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