New York Mercantile Exchange (NYMEX),
Definition of New York Mercantile Exchange (NYMEX):
The New York Mercantile Exchange (NYMEX) is the world's largest physical commodity futures exchange and is today part of the Chicago Mercantile Exchange Group (CME Group), which is the world’s leading and most diverse derivatives marketplace. CME Group consists of four exchanges: Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), NYMEX, and the Commodity Exchange, Inc. (COMEX). Each exchange lists wide range of futures products, commodities, and global benchmarks across major asset classes. .
The worlds largest commodities futures exchange and one of the most active options exchanges for the precious metals and energy markets. The NYMEX is comprised of two divisions: NYMEX, where energy, platinum, and palladium are traded and COMEX, where gold, silver, copper, and aluminum are traded.
An early version of NYMEX started in 1872 when a group of dairy merchants founded the Butter and Cheese Exchange of New York. In 1994, NYMEX merged with COMEX to become the largest physical commodity exchange at that time. By 2008, NYMEX was not able to commercially survive on its own in the wake of the global financial crisis and merged with the CME Group of Chicago. The merger brought a list of energy, precious metal, and agricultural products to the CME Group of exchanges.
How to use New York Mercantile Exchange (NYMEX) in a sentence?
- The exchange lists futures and options on various metals, energy, and agricultural commodities.
- NYMEX was once an open-outcry market with trading pits, but like most exchanges today, it has become increasingly electronic.
- NYMEX is a commodities trading exchange that started in 1872 and was acquired by CME Group in 2008.
Meaning of New York Mercantile Exchange (NYMEX) & New York Mercantile Exchange (NYMEX) Definition