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Initially issued for a one–year period, New York Mercantile Exchange–Europe professional memberships are open to commercial/trade and institutional market participants. The new membership category, which becomes available on Monday, allows qualified market participants, who were not previously members of the Exchange or members of another futures or options exchange, to be able to call their orders directly to the Dublin trading floor for execution.
New York Mercantile Exchange–Europe professional members may place orders solely for their own accounts and may not execute trades themselves or maintain a presence on the trading floor.
All New York Mercantile Exchange–Europe professional member applicants must be sponsored by an Exchange member or a New York Mercantile Exchange–Europe permittee. The memberships may only be obtained directly from the Exchange and are not transferable.
Exchange President James E. Newsome said, "The marketplace is giving the new Exchange Brent futures contract a vote of confidence as evidenced by growing volume and back–to–back trading records achieved yesterday and today. The new membership category will increase the efficiency for commercial market participants to have their orders executed on the floor."
