Adding to its range of services, the New York Mercantile Exchange (Nymex) on Wednesday rolled out SquawkBox, its latest tool for energy trading. SquawkBox gives all traders equal access to the "roar and sounds" of the light, sweet crude oil and natural gas futures trading rings.
Nymex said the new service gives listeners immediate knowledge of changes in price, direction and intensity of trading in these energy markets, noting that it can be a powerful tool, "especially when the day's news can be so important to trading operations and investors."
The exchange said the subscriber service provides a live running commentary from the floor, keeping listeners up-to-date on the market, starting before the opening bell and running through a post-close wrap-up.
Prior to the opening, the commentator in each ring reviews the previous day's settlement price, as well as the overnight trading activity that occurred on the Nymex Access electronic trading system, the spot month high, low, last price, and volume. On the opening, the commentator quotes the spot month opening bids, offers and traded price.
Throughout the trading session, the commentator announces bids, offers, price last traded, occasionally the lot sizes of the bids and offers, and new highs and lows. In addition, the commentator comments on market direction, along with the reaction by local traders to inventory reports each week.
At the close, SquawkBox announces the closing range, bids, offers and traded prices. The closing range activity is summarized after the cessation of trading.
Nymex said the charge for individual users is $125 per month, per ring. For more information, visit www.nymex.com.
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