The world’s largest energy dealer is to open a trading floor in Dublin’s financial heartland, it emerged today.
New York Mercantile Exchange, international dealers in Brent crude oil and precious metals such as gold, silver and platinum, revealed the centre could be up and running within weeks offering open-floor trading.
Deirdre Lyons, IDA international financial services division spokeswoman, said the move was a “significant win” reaffirming the world-class status of Ireland’s financial services centre.
“It positions Ireland as a key location in the world’s oil markets and at the heart of NYMEX global operations, with the price for Brent Oil due to be set in Dublin at 7.30pm each evening,” she said.
“We hope this is the first step in encouraging the company to list additional trades in Dublin, including heating oil, gold and silver.”
IDA Ireland have worked for more than 10 years to develop the Dublin exchange in the IFSC to allow “open outcry” trading.
And the move is thought to be a result of London-based rival International Petroleum Exchange’s plan to cut open outcry trading to a mid-afternoon start from November 1.
The Exchange will employ 10-15 staff at first, before issuing a further five or more trading permits.
James E Newsome, Exchange President, said customers wanted a return to outcry trading and away from electronic systems.
“As the world’s largest energy market and premier physical commodity exchange, we feel it is incumbent on us to fill the void that is opening up and to be as immediately responsive as possible to our customer requests,” he said.
The 132-year-old company expects to move to its own trading floor in Dublin as soon as November 1.
Trading is conducted through two divisions, the NYMEX Division, home to energy and platinum markets, and the COMEX Division, on which all other metals are traded.
Source: Ireland Online