Nymex, Icap to launch gas, crude oil daily settlement derivatives
The New York Mercantile Exchange (Nymex) and inter-dealer broker Icap are to launch an electronic market in same-day over-the-counter (OTC) options on prompt-month settlement prices for crude oil and natural gas. Starting on Monday (July 18), the exchange will hold 30-minute auctions in the morning of each trading day.
As with the weekly inventory auctions, Nymex will clear and settle these OTC options, and Icap will carry out order entry. Nymex president James Newsome
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