New Records Set at IPE

The IPE has seen yet more record volumes in 1999. Yesterday, the IPE's Gas Oil futuresreached new levels when the contract traded 57,778 lots compared to the previous high set on 11 January 1996 when 56,332 lots traded. Russia's decision to severely reduce exports of gas oil, fuel oil and gasoline was the apparent reason for the increase in activity according to brokers. Total traded volume for July 1999 reached 1,964,533 lots (equivalent to almost 2 billion barrels), an 18% increase on the previous record set in July 1998 when volumes traded at 1,669,211 lots (1.6 billion barrels). In response to demand the IPE plans to extend Gas Oil and Natural Gas futures in October this year. Gas Oil futures will be extended from 18 months to three years and Natural Gas will be extended from 15 months to three years. Richard Ward, interim Chief Executive said, "Despite the controversy surrounding last week's EGM it is reassuring that this has not dented our customers' confidence in the Exchange's products for managing risk, particularly during times of price volatility. The IPE remains one of London's healthiest and most successful exchanges".