The International Petroleum Exchange closed its Brent and gasoil pits for the last time on April 7, bidding farewell to 24 years of open-outcry, with its trademark hand signals and colourful jackets. Although the floor will remain a physical workplace for a little longer, only electronic trading will take place from April 8.

The IPE hopes its lucrative floor business will simply switch to the screen, but the story may not be that straightforward: the New York Mercantile Exchange plans to open up