The proposed plans for Nymex to open a trading floor in London have been abandoned. Nymex began planning the system two years ago and had originally intended to set up an open outcry trading floor. They have now applied for a derecognition of exchange from UK regulators.
“We’ve had to adjust our business model,” says Anu Ahluwalia, a spokeswoman for Nymex. “We were very ambitious and went in and built a trading floor, and that is not the way that business is going, so we adapted very quickly. It never took off the way that we hoped. This is by no means an end to our global growth.”