The IPE Announces Timeline For Full Electronic Transition

The International Petroleum Exchange (IPE) announced today the decision of its Board of Directors, subject to a consultation procedure under the IPE’s Code of Practice, to close the IPE Brent and Gas Oil futures and options pits on April 7.

The Board’s decision has been taken to maintain and enhance the competitive position of the IPE as well as to take advantage of the greater acceptance and adoption of electronic trading. Since 2002, the Exchange has progressively transitioned its business toward electronic trade execution, and accordingly, a broad range of members and market users have prepared to trade electronically. The previous phase in the IPE’s electronic transition began November 1, 2004 when the IPE Brent contract began trading in electronic morning sessions.