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OPEN-OUTCRY trading (公开叫价交易) is supposed to be a quaint, outdated practice, rapidly

OPEN-OUTCRY trading (公开叫价交易) is supposed to be a quaint, outdated practice, rapidly being replaced by sleeker, cheaper electronic systems.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 in Dublin to handle Brent crude futures (布伦特原油期贷), the benchmark contract for pricing two-thirds of the world's oil.

The NYMEX is trying to snatch liquidity from London's International Petroleum Exchange (IPE), which trades the most Brent contracts; the New York exchange has hitherto concentrated on West Texas Intermediate, an American benchmark grade. The new pit is a response to the IPE's efforts to modernize. 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.

The New York exchange 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 IPE 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 of Brent (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 in Britain.

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 in Chicago this year, intending to grab American Treasury-bond contracts from the Chicago Board of Trade. It has made little headway. And the NYMEX has dabbled in Brent contracts before, without success.

Given the importance of liquidity in exchanges, why do the IPE 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 IPE could never mix. For now, in any case, the two exchanges will slug it out across the Irish Sea as well as across the Atlantic.

Which of the following is NOT true about open-outcry trading?

A.It is obsolete compared with electronic systems.

B.It concerns more about liquidity.

C.It is less costly than electronic systems.

D.It is impossible to be abolished entirely in a short term.

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更多“OPEN-OUTCRY trading (公开叫价交易) is supposed to be a quaint, outdated practice, rapidly”相关的问题

第1题

The NYMEX chose to open pit in Dublin because______.A.they want to avoid the fierce compet

The NYMEX chose to open pit in Dublin because______.

A.they want to avoid the fierce competition with the IPE

B.they may obtain favorable conditions from government

C.the local customers are in favor of open-outcry trading

D.they want to resist the trend of modernization

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第2题

Which of the following descriptions is NOT true according to the passage?A.It is more favo

Which of the following descriptions is NOT true according to the passage?

A.It is more favorable for the NYMEX to develop in London in a long term.

B.The NYMEX once had failing experience in handling Brent contracts.

C.Most of the exchanges are on the way to adopt electronic systems.

D.The IPE has completely abolished open-outcry trading in its pit.

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第3题

What does "Dublin's new pit is 'showing promise'." mean in Paragraph 4?A.The Dublin's new

What does "Dublin's new pit is 'showing promise'." mean in Paragraph 4?

A.The Dublin's new pit presents the sign of incompetence as predicted.

B.The Dublin's new pit adopted open-outcry trading as promised.

C.The Dublin's new pit subjects to pressure from self-employed traders.

D.The Dublin's new pit starts with a promising beginning.

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第4题

A. trackingB. transitingC. retracingD. trading

A. tracking

B. transiting

C. retracing

D. trading

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第5题

Trading on shoppers' ignorance will be impossible becauseA.firms have decided to be honest

Trading on shoppers' ignorance will be impossible because

A.firms have decided to be honest to shoppers.

B.shoppers are becoming cleverer than before.

C.shoppers have full information about goods and prices through internet.

D.shoppers are protesting against trading on their ignorance.

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第6题

People generally believe that on-line trading is a practice of ______.A.senior investorsB.

People generally believe that on-line trading is a practice of ______.

A.senior investors

B.people in a specific province

C.relatively young people

D.groups made up of 20 or 30 traders

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第7题

As far as history goes, the Egyptian coastal sailing ships were trading as early as around ()BC.

A.3,200

B.3300

C.3400

D.3500

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第8题

The trading companies used only advertisements to persuade people in all parts of the worl
d to go to America.

A.Y

B.N

C.NG

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第9题

When Hobica refers to "horse trading", he means that one may_________

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第10题

当定期租船合同采用类似“worldwide trading always within IWL and excluding following countries…”条
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