NYMEX and IPE Exchanges Meet

Senior officials of the New York Mercantile Exchange and the International Petroleum Exchange (IPE) met yesterday to discuss issues of common interest in the first formal meeting between the two exchanges since the election of Sir Bob Reid as IPE chairman at the end of last month. New York Mercantile Exchange Chairman Daniel Rappaport, said, "We believe that the creation of a comprehensive global platform for trading and clearing of risk management instruments in energy is in the best interests of all participants in the international energy markets including our membership, the IPE membership, and the oil industry. We remain serious and enthusiastic about the prospects of pursuing a formal business relationship with the IPE. We actively look forward to further progress on this matter."