News Release

Exchange Comments on IPE Decision to Close Trading Floor

Mon Mar 07 2005
New York, N.Y., March 7, 2005 — The New York Mercantile Exchange, Inc., is immediately prepared to accommodate traders who will be displaced due to the recently announced closing of open outcry trading on the International Petroleum Exchange in London in April.

The Exchange confirmed in mid-February that it plans to offer open outcry trading in London this year. In the interim, the Exchange has a contingency plan in place to allow a greater number of London-based traders to trade in Dublin.

Exchange President James E. Newsome said, "We were not surprised to hear the IPE's decision to close open outcry trading next month. Our Dublin trading floor will provide a forum for traders to continue to pursue their livelihoods while we build a trading floor in London. We are committed to open outcry trading for both the benefits it provides our customers and for the preservation of jobs for traders and floor personnel."
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