The International Petroleum Exchange (IPE) has confirmed plans to invest $10 million during the next year in a new trading platform which will be developed by merger partner the Inter-Continental Exchange (ICE).
The development and implementation of the electronic trading platform will take place over a 12-18 month period. Trading of IPE Brent and IPE Gas Oil exclusively on this platform will only occur once the implementation has been successful, says the IPE.
Richard Ward, chief executive says: "We are initiating a wide-ranging consultation process with all our stakeholders to enable us to build a future within which they will want to continue to trade. That future will be electronic, but we must deliver it in a way that retains market liquidity, meets current market needs and also offers low costs, reduced capital requirements, more products and services, and combines with OTC markets."