Later history New York Mercantile Exchange

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1 later history

1.1 september 11, 2001 attacks
1.2 electronic trading
1.3 sell-off





later history
september 11, 2001 attacks

the nybot s original headquarters , trading floor destroyed in september 11, 2001 terrorist attacks on world trade center. several nymex people lost in tragedy, though new nymex building undamaged. despite area s devastation, exchange s management , staff had exchange , running in short order.


on february 26, 2003, new york board of trade (nybot) signed lease agreement nymex move world financial center headquarters , trading facility. nymex maintained close relationship many organizations , people @ world trade center, , after attacks, nymex built $12 million trading floor backup facility outside of new york city 700 traders booths, 2,000 telephones, , backup computer system. backup in case of terrorist attack or natural disaster in lower manhattan.


electronic trading

nymex held virtual monopoly on open market oil futures trading (as opposed dark market or over-the-counter market. however, in 2000s electronically based exchanges started taking away business of open outcry markets nymex. enron s online energy trading system part of trend. jeff sprecher s intercontinental exchange, or ice, example. ice began trading oil contracts extremely similar nymex s, taking away market share immediately.


the open outcry nymex pit traders had been against electronic trading because threatened income , lifestyle. executives @ nymex felt electronic trading way keep exchange competitive. nymex teamed chicago mercantile exchange use globex in 2006. trading pits emptied out many traders quit. banks, hedge funds, , huge oil companies stopped making telephone calls pits , started trading directly on screens.


in period nymex worked on founding dubai mercantile exchange in united arab emirates. chronicled ben mezrich in new york times best selling book rigged has been optioned film adaptation summit entertainment.


sell-off

the final executive management of nymex decided sell off in pieces, take golden parachute buyouts, , leave. in 2006 nymex underwent initial public offering (ipo) , listed on new york stock exchange. executives , exchange members owning seats on exchange saw net worth increase millions of dollars in few hours - many of pit traders, leased seats instead of owning, did not. other parts of nymex sold private equity investors , chicago mercantile exchange. cme got ownership of physical facilities , began scrubbing nymex logo , name off of various artifacts , closed nymex museum. nymex became little more brand name used cme. 2011, nymex open outcry trading relegated part small number of people trading options.


in 2009 reported holders of comex gold futures contracts experienced problems taking delivery of metal. along chronic delivery delays, investors received delivery of bars not matching contract in serial number , weight. delays not explained slow warehouse movements, daily reports of these movements showed little activity. because of these problems, there concerns comex did not have gold inventory existing warehouse receipts.








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