關于考研英語報刊文章的閱讀及剖析

　　A battle between two energy exchanges

　　OPEN-OUTCRY trading is supposed to be a quaint, outdated practice, rapidly being replaced by sleeker, cheaper electronic systems. Try telling that to the New York Mercantile Exchange , the world s largest commodities exchange. On November 1st the NYMEX opened an open-outcry pit in Dublin to handle Brent crude futures, the benchmark contract for pricing two-thirds of the world s oil.

　　The NYMEX is trying to snatch liquidity from London s International Petroleum Exchange , which trades the most Brent contracts; the New York exchange has hitherto concentrated on West Texas Intermediate, an American benchmark grade. The new pit is a response to the IPE s efforts to modernise. On the same day as NYMEX traders started shouting Brent prices in Dublin, the IPE did away with its morning open-outcry session: now such trades must be electronic, or done in the pit after lunch.

　　The New York exchange claims that customers, such as hedge funds or energy companies, prefer open-outcry because it allows for more liquidity. Although most other exchanges are heading in the opposite direction, in commodity markets such as the NYMEX, pressure from locals --self-employed traders--is helping to prop up open-outcry, although some reckon that customers pay up to five times as much as with electronic systems. Even the IPE has no plans to abolish its floor. Only last month it signed a lease, lasting until 2011, for its trading floor in London.

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