内容正文:
03 经济和工作
(C)
Crude awakening: A battle between two energy exchanges
[1] OPEN-OUTCRY trading is supposed to be an odd, outdated practice, rapidly being replaced by sleeker, cheaper electronic systems. Try telling that to the New York Mercantile Exchange (NYMEX), the world’s largest commodities exchange. On November 1st the NYMEX opened an open-outcry pit (公开叫价交易厅)in Dublin to handle Brent crude futures(布伦特原油期货), the benchmark (基准)contract for pricing two-thirds of the world’s oil.
[2] The NYMEX is trying to grab liquidity from London’s International Petroleum Exchange (IPE), which trades the most Brent contracts; the New York exchange has so far concentrated on West Texas Intermediate, an American benchmark grade. The new pit is a response to the IPE’s efforts to modernise. On the same day as NYMEX traders started shouting Brent prices in Dublin, the IPE did away with its morning open-outcry session: now such trades must be electronic, or done in the pit after lunch.
[3] The New Yor