Nymex Europe to shut trading floor
Nymex Europe, the London arm of the New York Mercantile Exchange, will close its trading floor at the end of this week as it shifts to electronic trading in oil and gas futures.
The price of the Brent futures contract will converge with the ICE Brent index at the conclusion of trading, Nymex Europe said.
The move will cost Nymex between $2.5 million and $3.5 million in asset writedowns and lease termination costs, according to its quarterly statement in May.
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