Increasing the margin requirements for traders on Nymex would not dampen oil and gas price volatility, as some Congressmen have suggested, and in fact, might drive some market participants away, says James E. Newsome, Nymex president and chief executive. Nor does he like the idea of instituting commodity-price caps. "I'm a free-market economist." He made his remarks while in Houston recently to brief the media on the June 12 launch of energy-futures trading on CME Globex, the electronic, screen-based, 24-hour platform operated by the Chicago Mercantile Exchange. Nymex will adopt CME Globex e-trading hours. Both cash-settled and physical contracts will be offered. "We expect more volume, but we don't think that means more price volatility. The industry is very excited [about this new way to trade]," he said. For more on this, see the July issue of Oil and Gas Investor. For a subscription, call 713-260-6441.
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