{{B}}tExtB{{/B}}
E、CEllspACing=0 CEllpADDing=0 wiDth="100%" BorDEr=0> opEn-outCry trADing is supposED to BE A quAint, outDAtED prACtiCE, rApiDly BEing rEplACED By slEEkEr, ChEApEr ElECtroniC systEms.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 mErCAntilEExChAngE (nymEx), thE worlD’s lArgEst CommoDitiEs ExChAngE. on novEmBEr 1st thE nymEx opEnED An opEn-outCry pit inDuBlin to hAnDlEBrEnt 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 pEtrolEumExChAngE (ipE、, whiCh trADEs thE mostBrEnt ContrACts; thE nEw yorkExChAngE hAs hithErto ConCEntrAtED on wEst tExAs intErmEDiAtE, AnAmEriCAn BEnChmArk grADE. thE nEw pit is A rEsponsE to thE ipE’s EFForts to moDErnisE. on thE sAmE DAy As nymEx trADErs stArtED shoutingBrEnt priCEs inDuBlin, thE ip
E、DiD AwAy with its morning opEn-outCry sEssion: now suCh trADEs must BE ElECtroniC, or DonE in thE pit AFtEr lunCh.
thE nEw yorkExChAngE 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 ip
E、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 oFBrEnt ( 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 BEttEr ChAnCE iF it movED to lonDon. it mAy yEt: it stArtED in irElAnD BECAusE rEgulAtory ApprovAl CoulD BE oBtAinED FAstEr thErE thAn inBritAin.
ultimAtEly, hAving Both ExChAngEs oFFEring similAr ContrACts will BE unsustAinABlE. stEAling liquiDity From An EstABlishED mArkEt lEADEr, As thE nymEx is trying to Do, is A hArD tAsk.EurEx,EuropE’s lArgEst FuturEs ExChAngE, sEt up shop inChiCAgo this yEAr, intEnDing to grABAmEriCAn trEAsury-BonD ContrACts From thEChiCAgoBoArD oF trADE. it hAs mADE littlE hEADwAy.AnD thE nymEx hAs DABBlED inBrEnt ContrACts BEForE, without suCCEss.
givEn thE importAnCE oF liquiDity in ExChAngEs, why Do thE ip
E、AnD thE nymEx not BAnD togEthEr thErE hAvE BEEn mErgEr tAlks BEForE, AnD somEthing might yEt hAppEn. somE sAy thAt thE FrEEwhEEling nymEx AnD thE morE stAiD ip
E、CoulD nEvEr mix. For now, in Any CAsE, thE two ExChAngEs will slug it out — ACross thE irish sEA As wEll As ACross thEAtlAntiC、
thE prEssurE oF loCAl trADErs ACtuAlly EnCourAgEs ______.A．morE liquiDity in nymEx
B．thE prACtiCE oF ElECtroniC systEm
C．thE prACtiCE oF opEn-outCry
D．highEr CustomErs’ pAymEnt