首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
OPEN-OUTCRY trading (公开叫价交易) is supposed to be a quaint, outdated practice, rapidly being replaced by sleeker, cheaper electroni
OPEN-OUTCRY trading (公开叫价交易) is supposed to be a quaint, outdated practice, rapidly being replaced by sleeker, cheaper electroni
admin
2012-10-11
36
问题
OPEN-OUTCRY trading (公开叫价交易) is supposed to be a quaint, outdated practice, rapidly being replaced by sleeker, cheaper electronic systems. Try telling that to the New York Mercantile Exchange (NYMEX), the world’s largest commodities exchange. On November 1st the NYMEX opened an open-outcry pit in Dublin to handle Brent crude futures (布伦特原油期贷), the benchmark contract for pricing two-thirds of the world’s oil.
The NYMEX is trying to snatch liquidity from London’s International Petroleum Exchange (IPE), which trades the most Brent contracts; the New York exchange has hitherto concentrated on West Texas Intermediate, an American benchmark grade. The new pit is a response to the IPE’s efforts to modernize. On the same day as NYMEX traders started shouting Brent prices in Dublin, the IPE did away with its morning open-outcry session: Now such trades must be electronic, or done in the pit after lunch.
The New York exchange claims that customers, such as hedge funds or energy companies, prefer open-outcry because it allows for more liquidity. Although most other exchanges are heading in the opposite direction, in commodity markets such as the NYMEX, pressure from "locals" self-employed traders is helping to prop up open-outcry, although some reckon that customers pay up to five times as much as with electronic systems. Even the IPE has no plans to abolish its floor. Only last month it signed a lease, lasting until 2011, for its trading floor in London.
Dublin’s new pit is "showing promise", says Rob Laughlin, a trader with Man Financial, despite a few technical glitches. On its first day it handled 5,726 lots of Brent (each lot, or contract, is 1,000 barrels), over a third of the volume in the IPE’s new morning electronic session. By the year’s end, predicts Mr. Laughlin, it should be clear whether the venture will be viable. It would stand a better chance if it moved to London. It may yet: It started in Ireland because regulatory approval could be obtained faster there than in Britain.
Ultimately, having both exchanges offering similar contracts will be unsustainable. Stealing liquidity from an established market leader, as the NYMEX is trying to do, is a hard task. Eurex, Europe’s largest futures exchange, set up shop in Chicago this year, intending to grab American Treasury-bond contracts from the Chicago Board of Trade. It has made little headway. And the NYMEX has dabbled in Brent contracts before, without success.
Given the importance of liquidity in exchanges, why do the IPE and the NYMEX not band together? There have been merger talks before., and something might yet happen. Some say that the freewheeling NYMEX and the more staid IPE could never mix. For now, in any case, the two exchanges will slug it out across the Irish Sea as well as across the Atlantic.
What does "Dublin’s new pit is ’showing promise’." mean in Paragraph 4?
选项
A、The Dublin’s new pit presents the sign of incompetence as predicted.
B、The Dublin’s new pit adopted open-outcry trading as promised.
C、The Dublin’s new pit subjects to pressure from self-employed traders.
D、The Dublin’s new pit starts with a promising beginning.
答案
D
解析
转载请注明原文地址:https://jikaoti.com/ti/RKrFFFFM
0
大学英语六级
相关试题推荐
Eveninthiselectronicera.papercontinuestoplayacompleteroleinourdailylives.Americansdependonabout85millionto
Eveninthiselectronicera.papercontinuestoplayacompleteroleinourdailylives.Americansdependonabout85millionto
Thepassageismainlyabout______.CPAPisausefulmachineforpeoplewithsnoringproblemsbecauseitcanhelpto______.
Tofullyunderstandtheconceptofthe"PaperlessOffice",onemustunderstandwhatitconceptuallywassupposedtomean,aswel
Whatwasthemostinterestingdreamtheauthorhadeverhad?WhatmostcommonlyoccursinREMsleep?
Contrarytothepredictionofsomefinancialexperts,______(经济正在萎缩而不是在增长).
Mentalillnessmayberesultedfrom______.Thefollowinginfectiousdiseasesthatcandevelopintoamentalillnessis______.
A、Shethinkstheyareimpractical.B、Shethinkstheyareusefulbuttooexpensive.C、Shethinkstheyarefeasible.D、Shethinks
With______feelingsofsorrowandjoy,Marylookedathishusbandwhohadbeeninothercountryfor10years.
________thefactthathisinitialexperimentshadfailed,ProfessorSmithpersistedhisresearch.
随机试题
患者,男性,19岁,冒雨踢球后突然寒战、高热、体温39.8℃,咳嗽,胸痛已3小时。查体:右上肺部叩诊浊音,听诊有湿哕音,支气管呼吸音及胸膜摩擦音。胸透右上肺有云絮状阴影,诊断为肺炎球菌性肺炎。为及时发现休克型肺炎的发生,应密切观察病人有无出现
在我国急性胰腺炎最常见的病因是
患者女性24岁,因左上智齿颊向高位阻生,要求拔除在麻醉过程中病人发生晕厥,以下处理措施哪项是不正确的
【背景资料】某安装公司承担某市博物馆机电安装工程总承包施工,该工程建筑面积32000m2,施工内容包括:给排水、电气、通风空调、消防、建筑智能化工程,工程于2010年8月开工,2011年7月竣工,计划总费用2100万元。施工过程中项
特种作业的范围主要有()。
20世纪90年代以来,国际服务贸易的增长速度超过了货物贸易。()
现金是一种资产,它具有()。
2018年10月16日,《国务院关于同意设立中国(海南)自由贸易试验区的批复》发布,同意设立中国(海南)自由贸易试验区。海南由此成为我国第()个自由贸易试验区。
《国家中长期教育改革和发展规划纲要(2010——2020年)》的灵魂是()。
简述德育过程的规律。
最新回复
(
0
)