New York Mercantile Exchange

The New York Mercantile Exchange (NYMEX ) is the world's largest commodity futures exchange. It is located in New York City, United States. Previously there was the NYMEX of two companies, the New York Mercantile Exchange and the New York Commodities Exchange (COMEX ), which are merged into one company since 1994. In 2008, the stock market was taken over by the CME Group.

Commodity trading

At this commodity metals, energy products, agricultural commodities and other products ( commodities) are traded. Trading takes place both on the floor and through computer systems and is regulated by the Commodity Futures Trading Commission, an agency of the U.S. government. The following commodities are traded in the two departments New York Commodities Exchange (COMEX ) and New York Mercantile Exchange (NYMEX ):

• COMEX: aluminum, gold, copper and silver
• NYMEX: cotton, gasoline, diesel, electricity, ethanol, natural gas, petroleum, fuel oil, coffee, cocoa, carbon, palladium, platinum, propane, steel, uranium and sugar

The table shows the trading hours of some raw materials on the COMEX and NYMEX in Central European Time ( CET).

History

The roots of the commodity futures markets are in the 19th century. There, traders began to meet at fixed points in order to buy or sell goods. Towards the end of the 19th century were so incurred at ports and railway stations over 1600 marketplaces. In 1872, milk dealers were from Manhattan to " Butter and Cheese Exchange of New York" (butter and cheese New York Stock Exchange ) together. Later eggs were added to the trade in and changed the name accordingly. In 1882 the name was changed again. The new name was " New York Mercantile Exchange (NYMEX ) ," because now the trade was opened up to dried fruits, canned goods, and poultry.

In the early 20th century, the construction of large, centralized department stores began in New York and Chicago. Thus disappeared the small local exchanges and the trading was shifted to larger places such as the NYMEX. In the course of further mergers of stock exchanges " National Metal Exchange ," " Rubber Exchange of New York", "National Raw Silk Exchange," and "New York Hide Exchange " was born on July 5, 1933, the " New York Commodities Exchange (COMEX ) ." We traded mainly metals, rubber, silk, and furs. The COMEX was merged on August 3, 1994, the NYMEX.

Due to the terrorist attacks on 11 September 2001, the leaders decided to build a trading room on Long Iceland as a backup. The construction cost twelve million dollars and includes spaces for 700 dealers, 2000 phones and a backup computer system. The attacks the headquarters of the New York Board of Trade ( NYBOT ) was destroyed in the World Trade Center. On 26 February 2003, the NYBOT moved (since 2007 ICE Futures U.S. ) headquartered in the NYMEX building in the World Financial Center on the southern tip of Manhattan.

On March 17, 2008, the CME Group reached an agreement with the NYMEX to their takeover. The agreed purchase sum amounted to 9.48 billion U.S. dollars (about 6.15 billion euros ). Of these, the shareholders received $ 3.4 billion in cash and $ 6.08 billion in the form of shares. On August 22, 2008, the purchase was completed.