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Article: Electronic trading surge could create Nymex floor "ghost town".
- Article from:
- Natural Gas Week
- Article date:
- February 12, 2007
- Author:
CopyrightCOPYRIGHT 2007 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Latest data from the New York Mercantile Exchange showing soaring popularity in electronic trading also foreshadows a grim reality that the venerable 134-year-old outcry format is fast losing viability and could be extinct sooner than most expect.
"When everyone in the market starts referring to Nymex's traditional open outcry pit trading as 'old-fashioned and inefficient,' you have to wonder how long the Nymex shareholders will continue to hold on to that sort of format," said one futures trader in New York. "The numbers don't lie, and it's obvious that electronic trading is where the future lies. I really feel like Nymex will be holding a farewell party to ...