Ireland: Offshore Business Sectors
Corporate Financial Services
The growing reputation of Dublin as a global financial centre was boosted in November, 2004, with the opening of a new oil trading floor in the city by the New York Mercantile Exchange (NYMEX), the world's largest commodities exchange. In what was seen as a direct challenge to London's International Petroleum Exchange, Europe's foremost energy trading exchange, around 40 traders normally based in London or New York began trading on floor space leased from the New York Board of Trade's FINEX Dublin operation.
The Brent crude oil futures contract is traded using the open outcry system under the same terms and conditions as its counterpart listed in New York, except that it is listed 30 consecutive months forward with additional long-dated futures initially listed 36, 48, 60, 72, and 84 months prior to delivery.
"This project is a highly significant win for Ireland", noted Deirdre Lyons of IDA Ireland, a governmental body responsible for promoting the Republic's financial services industry. We hope this is the first step in encouraging the company to list additional trades in Dublin, including heating oil, gold and silver, all of which are currently traded in New York."