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| Additional information |
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| The New York Mercantile Exchange, Inc. |
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Overview:
The New York Mercantile Exchange (NYMEX) is the world's largest physical commodity futures exchange, located in New York City. Its two principal divisions are the New York Mercantile Exchange and Commodity Exchange, Inc (COMEX) which were once separate but are now merged. The parent company of the New York Mercantile Exchange, Inc., NYMEX Holdings, Inc. became listed on the New York Stock Exchange on November 17, 2006, under the ticker symbol NMX. Less than two years later, on August 22, 2008, NYMEX Holdings was formally acquired by CME Group (symbol: CME) and the NMX symbol was de-listed.
The New York Mercantile Exchange handles billions of dollars worth of energy products, metals, and other commodities being bought and sold on the trading floor and the overnight electronic trading computer systems. The prices quoted for transactions on the exchange are the basis for prices that people pay for various commodities throughout the world. |
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History:
Commodity exchanges began in the middle of the 19th century, when businessmen began organizing market forums to make buying and selling of commodities easier. These marketplaces provided a place for buyers and sellers to set the quality, standards, and establish rules of business. By the late 1800s about 1,600 marketplaces had sprung up at ports and railroad stations. In 1872, a group of Manhattan dairy merchants got together and created the Butter and Cheese Exchange of New York. Soon, egg trade became part of the business conducted on the exchange and the name was modified to the Butter, Cheese, and Egg Exchange. In 1882, the name finally changed to the New York Mercantile Exchange when opening trade to dried fruits, canned goods, and poultry.
Former headquarters on Harrison Street
As centralized warehouses were built into principal market centers such as New York and Chicago in the early 20th century, exchanges in smaller cities began to disappear giving more business to the exchanges such as the NYMEX in bigger cities. In 1933, the COMEX was established through the merger of four smaller exchanges; the National Metal Exchange, the Rubber Exchange of New York, the National Raw Silk Exchange, and the New York Hide Exchange. On August 3, 1994, the NYMEX and COMEX finally merged under the NYMEX name. Now, the NYMEX operates in a trading facility and office building with two trading floors in the World Financial Center in downtown Manhattan. On March 17, 2008, NYMEX accepted an offer from CME Group, the parent of the Chicago Mercantile Exchange and the Chicago Board of Trade, to purchase it for $8.9 billion in cash and CME Group Stock. The proposal was approved by NYMEX shareholders and seatholders, as well as CME Group shareholders on August 18, 2008. NYMEX systems are expected to be fully integrated into CME Group by September 30, 2009 |
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