Europe’s leading energy futures and options exchange. It provides a regulated marketplace where over $2 billion in underlying value is traded daily. It is organized as a Recognised Investment Exchange (RIE) under British law. The Financial Services Authority supervises the members of the IPE. Futures and options for four commodities trade on the IPE: Brent Crude (Oil), Gas Oil, Natural Gas, and Electricity. Trade occurs at the exchange through open outcry. Orders from clients are taken over the telephone by brokers and transmitted to the appropriate traders in the pit, who shout out their orders. Hand signals may be used to supplement spoken words but can’t replace them. A group of energy and futures companies founded the IPE in 1980, and it began trading its first contract, Gas Oil futures, in 1981. In June 1988, the IPE successfully launched Brent Crude futures. In 1997, the IPE began trading its first non-oil contract, Natural Gas futures, which are traded electronically. In March 2001, the IPE began trading an Electricity futures contract.