Energy Industry
Industry: Email Alert RSS FeedNYMEX to launch Web exchange.
Fuel Oil News, August, 2000
The New York Mercantile Exchange is implementing "eNymex," an Internet exchange for trading oil products on a cash and private-derivatives basis. The program is expected to be launched this autumn. Earlier this year, NYMEX declined an offer to form a similar venture with some of its biggest membership-seat holders and competitors.
Seven of them, including Goldman Sachs Group and Morgan Stanley Dean Witter, announced their own plan to form Intercontinental Exchange to trade essentially the same products as eNymex, along with precious metals. Intercontinental Exchange and several other Web sites already set up by big trading houses or energy firms bring instant volume from their creators to make markets. NYMEX, on the other hand, is betting that its success...
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