Nymex and Icap launch same-day OTC energy options
The New York Mercantile Exchange (Nymex) and brokerage firm Icap are to launch an over-the-counter (OTC) market in same-day options on crude oil and natural gas on July 18.
Dennis Crum, chief executive of Icap Energy, said: "Combining the Exchange's clearing capability and expertise with ICAP Energy's distribution will create a deep liquidity pool for daily settlement derivatives and attract a global audience."
Nymex says that the options' prices will be based solely on relative demand, and will increase the potential for efficient order filling. Investors will be able to hedge or take risk associated with daily changes in energy prices, the exchange says.
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