Nymex selects OMX technology for London open outcry futures exchange

Nymex selects OMX technology for London open outcry futures exchange

The New York Mercantile Exchange has signed a five year contract with Swedish technology group OMX for the supply of IT infrastructure services at the outcry oil futures exchange it plans to open in London later this year.

Nymex is the largest physical commodities exchange in the world, and trades futures on metals as well as crude oil and oil products.

The exchange plans to move the open outcry trading floor for Brent crude oil futures it opened in Dublin last year to London as soon as it receives regulatory approval.

OMX says it will host Nymex's European IT infrastructure as well provide desktop and network support on the trading floor.

Commenting on the contract, Samuel Gaer, CEO of Nymex Europe, says: "We chose to work with OMX to take advantage of their broad experience as an IT provider of mission critical systems for the financial services industry and to enable us to be up and running quickly."

The latest agreement with OM which follows an earlier decision by Nymex Europe to lease space in the vendor's London office.

London's International Petroleum Exchange (IPE) switched to an all-electronic operation in April this year after shutting down it's remaining trading pit. Many of the 100+ traders that lost their jobs were expected to move to the Nymex outcry trading operations.

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