London’s International Petroleum Exchange closed its Brent and gas oil pits for the last time at 6pm on Thursday April 7, bidding farewell to 24 years of open outcry and a highly successful floor business, which consistently achieved record volumes over the last two years.

The IPE hopes its lucrative floor business will simply switch to the screen, but the story may not be that straightforward due to plans by the New York Mercantile Exchange to open up a rival London-based exchange offering