One of the last open outcry trading floors in London closed for the final time today when the International Petroleum Exchange completed its transfer to electronic trading.

The occasion was marked by bitterness from many of the 200 or so traders losing their jobs. Some claimed that they had been betrayed by the directors of the exchange, singling out Richard Ward, the chief executive, for particular criticism.

One trader, who had been working at the exchange for 30 years, said he had not been given a single penny in compensation and just one month’s notice. "Everyone here feels betrayed," the trader, who asked not to be named, said. "In November we were told the exchange would carry on outcry trading for a number of years, but just five months later they shut it down.

"Today is a very sad day - god knows what I will be doing next week. Road sweeping probably."

Another trader, who refused to give his name, questioned the logic of the decision to axe face-to-face dealing, saying it did two-and-half-to-three times more volume than the electronic platform.

"Customers get a better feel for the market when there is a local dealing with them. And when news comes through, the traders can react quicker than a machine," he said.

Several of the traders, gathered on the steps of the exchange, were suspicious of the motivation of the Intercontinenal-Exchange, IPE’s American parent company, to float the business, which will bring large rewards to many of the company’s directors.

But the traders seemed determined to get their revenge on the IPE by taking their business to a rival dealing floor in Dublin set up by the New York Mercantile Exchange (Nymex) last November.

"We will screw this place," said one angry trader.

The traders are expecting to be back in London as early as the summer or as soon as the Financial Services Authority gives Nymex permission to open a dealing pit in London.

The IPE has refused to comment on the decision to abandon outcry trading and would not let any journalists witness the final close, citing security concerns following the recent "invasion" of the trading floor by Greenpeace.

The company also seemed displeased that its disgruntled traders were talking to the press, sending out security guards to usher them back into the building.

"We’ve got to go back in anyway," one of the traders shouted as he walked away. "I’ve only got half an hour left to make some money."

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive