Watching the World
IPE in turmoil

London`s International Petroleum Exchange is in a state of turmoil after a failed bid by its board to shake up the structure of the institution.IPE`s directors have been trying over the last few months to convert the exchange from a non-profit mutual society, owned by its members, to a commercial company.At present, the IPE membership comprises 70 floor members, each with six voting rights, plus 55 local members, each with one vote. In all, there are 475 votes on any IPE ballot.The members are companies-trading companies, petroleum companies, banks, institutions, and stockbrokers-and some individual traders. Their range of interests is broad, including oil, gas, minerals, and electric pow...

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