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    Open-outcrytradingissupposedtobeaquaint,outdatedpractice,rapidlybeingreplacedbysleeker,cheaperelectronicsystems.TrytellingthattotheNewYorkMercantileExchange(NYMEX),theworld’slargestcommoditiesexchange.OnNovember1sttheNYMEXopenedanopen-outcrypitinDublintohandleBrentcrudefutures,thebenchmarkcontractforpricingtwo-thirdsoftheworld’soil.
TheNYMEXistryingtosnatchliquidityfromLondon’sInternationalPetroleumExchange(IPE),whichtradesthemostBrentcontracts;theNewYorkexchangehashithertoconcentratedonWestTexasIntermediate,anAmericanbenchmarkgrade.ThenewpitisaresponsetotheIPE’seffortstomodernise.OnthesamedayasNYMEXtradersstartedshoutingBrentpricesinDublin,theIPEdidawaywithitsmorningopen-outcrysession:nowsuchtradesmustbeelectronic,ordoneinthepitafterlunch.
TheNewYorkexchangeclaimsthatcustomers,suchashedgefundsorenergycompanies,preferopen-outcrybecauseitallowsformoreliquidity.Althoughmostotherexchangesareheadingintheoppositedirection,incommoditymarketssuchastheNYMEX,pressurefrom"locals"--self-employedtraders--ishelpingtopropupopen-outcry,althoughsomereckonthatcustomerspayuptofivetimesasmuchaswithelectronicsystems.EventheIPEhasnoplanstoabolishitsfloor.Onlylastmonthitsignedalease,lastinguntil2011,foritstradingfloorinLondon.
Dublin’snewpitis"showingpromise",saysRobLaughlin,atraderwithManFinancial,despiteafewtechnicalglitches.Onitsfirstdayithandled5,726lotsofBrent(eachlot,orcontract,is1,000barrels),overathirdofthevolumeintheIPE’snewmorningelectronicsession.Bytheyear’send,predictsMrLaughlin,itshouldbeclearwhethertheventurewillbeviable.ItwouldstandabetterchanceifitmovedtoLondon.Itmayyet:itstartedinIrelandbecauseregulatoryapprovalcouldbeobtainedfastertherethaninBritain.
Ultimately,havingbothexchangesofferingsimilarcontractswillbeunsustainable.Stealingliquidityfromanestablishedmarketleader,astheNYMEXistryingtodo,isahardtask.Eurex,Europe’slargestfuturesexchange,setupshopinChicagothisyear,intendingtograbAmericanTreasury-bondcontractsfromtheChicagoBoardofTrade.Ithasmadelittleheadway.AndtheNYMEXhasdabbledinBrentcontractsbefore,withoutsuccess.
Giventheimportanceofliquidityinexchanges,whydotheIPEandtheNYMEXnotbandtogether?Therehavebeenmergertalksbefore,andsomethingmightyethappen.SomesaythatthefreewheelingNYMEXandthemorestaidIPEcouldnevermix.Fornow,inanycase,thetwoexchangeswillslugitout--acrosstheIrishSeaaswellasacrosstheAtlantic.
1.TheNYMEXandIPEare___________.
A.bothusingopenoutcrytradingasamajortradingform
B.partnersthatarereciprocalintheirbusinessactivities
C.rivalsthatarecompetingintheoiltradingmarket
D.bothtakingeffortstomodernizetheirtradingpractice
2.Accordingtotheauthor,oneofthereasonsthattheNYMEXtakesopen-outcrytradingis__________.
A.thepreferenceofitscustomers
B.thestandardpracticeofenergyexchange
C.thelongtraditionofthistradingpractice
D.thenostalgicfeelingitarouses
3.Theword"glitches"(Line2,Paragraph4)mostprobablymeans_________.
A.backwardness
B.disappointments
C.engineers
D.problems
4.FromParagraph4wecaninferthat_________.
A.tradingvolumeintheIPE’snewmorningelectronicsessionisfalling
B.LondonisabetterbusinesslocationforenergyexchangesthanDublin
C.Britain’sregulatorsarelessefficientthanthoseofIreland
D.theDublinpitoftheNYMEXwillbemoreprosperousnextyear
5.Wecandrawaconclusionfromthetextthat___________.
A.it’sveryunlikelythattheNYMEXandtheIPEcouldcombinetheirbusinesses
B.theNYMEXwillfailinIrelandasmanyprecedentshaveshown
C.thetwoenergyexchangeswillfigureoutawaytocooperatewitheachother
D.themarketenvironmentforbothenergyexchangesisgettingbetter