Growing confrontation between London and New York petroleum exchanges

/IRBIS, Apr 12, 01/ - NTV informs that International Petroleum Exchange (IPE, London) and New York Mercantile Exchange (NYMEX) collided in confrontation that could sooner change "rules of the game" on the world oil market. the crisis arose when NYMEX announced about launching of operations with Brent oil grade, which is the benchmark for OPEC in both terms: price and quality. Brent grade is blend from British oil field at Northern Sea. The launching of Brent trades at NYMEX means that American exchange tries to engross oil financial flows. Annual turnover of IPE in futures contracts is $1.0 bln. On Thursday, April 12, IPE responded by its announcement to start trade Texas oil brand currently quoted at NYMEX. Simultaneously, IPE hastens negotiations on merger with American electronic commodity exchange, Intercontinental Exchange that holds trades through Internet.