The Exchange has leased space from the New York Board of Trade's FINEX Dublin operation, with traders including FINEX traders, as well as energy traders from New York and London.
The market will open at 10 AM, Dublin time, on Monday, with Exchange Chairman Mitchell Steinhause, President James E. Newsome, Senator Paddy Burke (Leas-Chathaoirleach), and other key Irish officials in attendance. Open outcry trading will continue until 7:30 PM, with after–hours electronic trading on the NYMEX ACCESS® system.
The contract will include the same terms and conditions as the Brent crude oil futures contract currently listed for trading on the Exchange trading floor in New York, except that it will be listed 30 consecutive months forward with additional long–dated futures initially listed 36, 48, 60, 72, and 84 months prior to delivery.
The market will operate as a designated contract market, subject to regulation by the Commodity Future Trading Commission and the Irish Financial Services Regulatory Authority.
Exchange President James E. Newsome said, "We are utilizing every available resource and working full throttle to meet the demands of our oil industry customers and the London oil trading community to maintain open outcry energy trading with the liquidity uniquely provided by that forum. As the world's largest energy market and premier physical commodity exchange, we make a priority of our responsibility to fill any void in risk management service. We are confident that this new facility will not only provide an open outcry energy trading alternative during the European business morning, but also offer greater efficiency, more trading opportunities, and reduced financial commitment by putting the futures contracts on the world's two major crude oil benchmarks into a single clearinghouse."
