New York Commodities Exchange
New York Commodities Exchange was established in 1872 to organize a civilized commodities market in New York and standardization of contracts. Until 1882 it was known as Butter, Cheese and Egg Exchange. After years of specialization Exchange has changed and now it is the world's largest center for trade in energy and metals.
On the New York Commodities Exchange operates two divisions: - NYMEX traded on which all energy resources (oil, gasoline, heating oil, natural gas, electricity, etc.), as well as platinum and palladium, and the COMEX (commodity exchange) where other metals are traded (gold, silver, copper, aluminum) on the NYMEX also organized trade mini contracts - NYMEX miNY. In the electronic version is most of the instruments exchange that gives small investors and traders to be present in the energy market.
The New York Mercantile Exchange has its own clearinghouse, which acts counterparty trading, which guarantees against the risk of default. The mechanism guarantees of transactions is very important in the structure of exchange trading. Daily deposit our site for trading oil and gas is $ 20 billion. These funds are intended to pay a variation margin. The insurance fund - $ 200 million.
NYMEX clearing system may in some way be transferred to the created Commodity Exchange in St. Petersburg, which, according to the plans of the Russian government, will be one of the largest marketplaces for oil deals by the end of 2007.
Plans corporatization NYMEX
New York Commodities Exchange in July 2006 announced plans to corporatisation. In documents filed with the U.S. Securities and Exchange Commission, it is reported that he was going to carry out an initial public offering on the New York Stock Exchange. The size of the issue has not been disclosed in the application. We only know that in the IPO the world's largest marketplace of bulk commodities, founded 132 years ago, Manhattan milkmen for selling dairy products, is going to get about $ 250 million and quote their shares under the ticker symbol NMX.
According to experts, the initial offering Nymex may be completed by the end of September. "With the current exorbitant energy prices are unlikely to corporatisation of stock exchanges can find a better time," - says Harrell Smith (Harrell Smith) at the consulting firm Celent. In the first quarter of this year, net income Nymex was $ 33.6 million - $ 20 million more than in the same period last year.
Corporatization Nymex followed by a series of recent successful IPO of a number of exchanges, including the Chicago Mercantile, the New York Stock and Nasdaq.
