New York Mercantile Exchange
   HOME

TheInfoList



OR:

The New York Mercantile Exchange (NYMEX) is a
commodity In economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the beh ...
futures exchange A futures exchange or futures market is a central financial exchange where people can trade standardized futures contract In finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not syno ...
owned and operated by
CME Group CME Group Inc. (Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, The Commodity Exchange) is an American global markets company. It is the world's largest financial derivatives exchange, and trades in asset class ...
of
Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = List of sovereign states, Count ...
. NYMEX is located at One North End Avenue in Brookfield Place in the
Battery Park City Battery Park City is a mainly residential planned community and neighborhood on the west side of the southern tip of the island of Manhattan in New York City. It is bounded by the Hudson River on the west, the Hudson River shoreline on the north ...
section of
Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five Boroughs of New York City, boroughs of New York City. The borough is also coextensive with New York County, one of the List of co ...
,
New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
. The company's two principal divisions are the New York Mercantile Exchange and Commodity Exchange, Inc (COMEX), once separately owned exchanges. NYMEX traces its history to 1882 and for most of its history, as was common of exchanges, it was owned by the members who traded there. Later, NYMEX Holdings, Inc., the former parent company of the New York Mercantile Exchange and COMEX, went public and became listed on the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City New York, often called New York City or NYC, is the List o ...
on November 17, 2006, under the ticker symbol NMX. On March 17, 2008, Chicago based
CME Group CME Group Inc. (Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, The Commodity Exchange) is an American global markets company. It is the world's largest financial derivatives exchange, and trades in asset class ...
signed a definitive agreement to acquire NYMEX Holdings, Inc. for $11.2 billion in cash and stock and the takeover was completed in August 2008. Both NYMEX and COMEX now operate as designated contract markets (DCM) of the CME Group. The other two designated contract markets in the CME Group are the
Chicago Mercantile Exchange The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc", or "the Merc") is a global derivatives marketplace based in Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the Chicago Butter and Egg Board, an a ...
and the
Chicago Board of Trade The Chicago Board of Trade (CBOT), established on April 3, 1848, is one of the world's oldest futures exchange, futures and options exchanges. On July 12, 2007, the CBOT merged with the Chicago Mercantile Exchange (CME) to form CME Group. CBOT and ...
. The New York Mercantile Exchange handles billions of dollars' worth of oil transactions, energy carriers,
metals A metal (from ancient Greek, Greek μέταλλον ''métallon'', "mine, quarry, metal") is a material that, when freshly prepared, polished, or fractured, shows a lustrous appearance, and conducts electrical resistivity and conductivity, e ...
, and other commodities being bought and sold on the trading floor and the overnight electronic trading computer systems for future delivery. The prices quoted for transactions on the exchange are the basis for prices that people pay for various commodities throughout the world. The floor of the NYMEX is regulated by the
Commodity Futures Trading Commission The Commodity Futures Trading Commission (CFTC) is an Independent agencies of the United States government, independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures contract, futu ...
, an independent agency of the United States government. Each individual company that trades on the exchange must send its own independent brokers. Therefore, a few employees on the floor of the exchange represent a big
corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal ...
and the exchange employees only record the transactions and have nothing to do with the actual trade. Although mostly electronic since 2006, the NYMEX maintained a small venue, or "pit", that still practiced the
open outcry Open outcry is a method of communication between professionals on a stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy and se ...
trading system, in which traders employed shouting and complex hand gestures on the physical trading floor. A project to preserve the hand signals used at NYMEX has been published. NYMEX closed the pit permanently at the end of trading Friday, December 30, 2016, because of shrinking volume.


Early 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 19th century there were about 1,600 marketplaces at
port A port is a maritime law, maritime facility comprising one or more Wharf, wharves or loading areas, where ships load and discharge Affreightment, cargo and passengers. Although usually situated on a sea coast or estuary, ports can a ...
s and
railroad stations A train station, railway station, railroad station or depot is a Rail transport, railway facility where trains stop to load or unload passenger train, passengers, freight rail transport, freight or both. It generally consists of at least one r ...
. In 1872, a group of Manhattan
dairy A dairy is a business enterprise established for the harvesting or processing (or both) of animal milk – mostly from cattle, cows or Water buffalo, buffaloes, but also from goats, sheep, horses, or camels – for human consumption. A dairy is ...
merchants got together and created the
Butter Butter is a dairy product made from the fat and protein components of churned cream. It is a semi-solid emulsion at room temperature, consisting of approximately 80% butterfat. It is used at room temperature as a spread (food), spread, melted a ...
and
Cheese Cheese is a dairy product produced in wide ranges of flavors, Mouthfeel, textures, and forms by coagulation (milk), coagulation of the milk protein casein. It comprises proteins and fat from milk, usually the milk of cows, Water buffalo, bu ...
Exchange of New York. They were trying to bring order and standardization to the chaotic conditions that existed in their industry. Soon,
egg An egg is an organic vessel grown by an animal to carry a possibly fertilized egg cell (a zygote) and to incubate from it an embryo An embryo is an initial stage of development of a multicellular organism. In organisms that Sexual repr ...
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
fruit In botany, a fruit is the seed-bearing structure in flowering plants that is formed from the ovary after flowering. Fruits are the means by which flowering plants (also known as angiosperms) disseminate their seeds. Edible fruits in particul ...
s, canned goods, and
poultry Poultry () are domestication, domesticated birds kept by humans for their egg (food) , eggs, their meat or their feathers. These birds are most typically members of the Superorder (biology), superorder Fowl, Galloanserae (fowl), especially the ...
. As centralized warehouses were built into principal market centers such as New York and
Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = List of sovereign states, Count ...
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. Through the 1970s, 80's and 90's COMEX, NYMEX, and other exchanges shared a single trading floorGoodman in
4 World Trade Center 4 World Trade Center (4 WTC; also known as 150 Greenwich Street) is a skyscraper A skyscraper is a tall continuously habitable building having multiple floors. Modern sources currently define skyscrapers as being at least or in height, ...
.


Goods

For years, the NYMEX traders had done a large business trading futures of
Maine Maine () is a U.S. state, state in the New England and Northeastern United States, Northeastern regions of the United States. It borders New Hampshire to the west, the Gulf of Maine to the southeast, and the Provinces and territories of Canad ...
's
potato The potato is a starch#Food, starchy food, a tuber of the plant ''Solanum tuberosum'' and is a root vegetable native to the Americas. The plant is a perennial plant, perennial in the nightshade family Solanaceae. Wild potato species can be fo ...
crop. According to Leah McGrath Goodman's 2011 book ''The Asylum'', manipulation in this market was commonplace, performed by various parties including potato inspectors and NYMEX traders. The worst incident was the 1970s potato bust, when
Idaho Idaho ( ) is a U.S. state, state in the Pacific Northwest region of the Western United States. To the north, it shares a small portion of the Canada–United States border with the province of British Columbia. It borders the states of Monta ...
potato magnate J. R. Simplot allegedly went short in huge numbers, leaving a large amount of contracts unsettled at the expiration date, resulting in a large number of defaulted delivery contracts. A public outcry followed, and the newly created
Commodity Futures Trading Commission The Commodity Futures Trading Commission (CFTC) is an Independent agencies of the United States government, independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures contract, futu ...
held hearings. NYMEX was barred not only from continuing to trade in potatoes futures, but from entering any new area in which it hadn't traded before. NYMEX's reputation was severely damaged, because, as future chairman Michel Marks told Goodman in his book, "The essence of an exchange is the sanctity of its contract." When the potato ban came into effect, NYMEX's platinum, palladium and heating oil markets were not significantly affected. However, NYMEX's reputation suffered in Washington, D.C., especially with the regulations in the Commodity Futures Trading Commission (CFTC), the president of the exchange, Richard Leone brought in John Elting Treat, White House energy adviser to Presidents Carter and Reagan to help restore the credibility of NYMEX and to help the exchange explore the possibility of entering the petroleum market recognizing the great potential for moving well beyond the limited size of the New York Heating Oil market. When Leone left NYMEX in 1981 as a result of a strong disagreement with the NYMEX board, John Elting Treat was asked to replace him as president. The launching of the WTI crude oil contract was championed by Treat, who, with difficulty, convinced the board and the two Marks family members, veteran and highly respected floor trader Francis Marks and his son, Michael, who had just become chairman of the board, to take a chance on trading crude oil. Arnold Safir was one of the members of an advisory committee formed by Treat to help design the new contract. Treat, with Board Chairman Marks and the support of the rest of the NYMEX board, eventually chose West Texas Intermediate (WTI) as the traded product and Cushing,
Oklahoma Oklahoma (; Choctaw language, Choctaw: ; chr, ᎣᎧᎳᎰᎹ, ''Okalahoma'' ) is a U.S. state, state in the South Central United States, South Central region of the United States, bordered by Texas on the south and west, Kansas on the nor ...
, as the delivery point. Robin Woodhead, who later became the first chairman of the International Petroleum Exchange (IPE) in London started an active dialogue with Treat about whether they could start a Brent Crude oil contracts. Treat was very supportive and gave Woodhead strong support and a lot of advice. Shortly thereafter, after substantial conversations, The IPE was formally launched and started trading Brent. Treat and his research staff then began looking for other oil products to trade. Gasoline was clearly next on the product list but there was a lot of debate about where the delivery point should be. The Gulf Coast was the easiest, but the exchange also looked at California markets, but decided they wouldn't work. Treat then started looking simultaneously at launching crude and later products options contracts. He found that the existing NYMEX floor traders didn't have the mathematical skills necessary to trade options, so the exchange offered financial inducements to get members of the American Stock Exchange's options traders to come over and trade options on petroleum futures. Under Treat's leadership, NYMEX also began to research the potential for trading natural gas and electricity, but focused first on natural gas. Product quality of natural gas was not an issue in that market, but the delivery point was a more difficult choice. After launching the original crude oil futures contract, Treat began an aggressive marketing campaign to first bring in the large US and British oil companies and then moved on to pull in the large Middle East producers. It took almost a year to get the first US "majors" to start trading, but several "majors" did not start for almost 5 years. The initial resistance from the OPEC producers was almost impossible to break through, although some finally gave in, among the first being Venezuela. The rumors on the floor at that time were the Arab producers would trade gold futures as a proxy for oil prices (since the Arabs were major purchasers of gold and would buy more when their pockets were filled by rising oil prices, and conversely sell when oil revenues fell and reduced their ability to buy gold). After the potato ban, NYMEX's existence was in doubt. Most of the trading volume had been in potatoes. Without a good commodity, the traders had trouble making money. Eventually, the new chairman, Michel Marks – the son of commodities icon Francis Q. Marks – along with economist Arnold Safer, figured out that NYMEX could revamp an old
heating oil Heating oil is any petroleum product or other oil used for heating; a fuel oil. Most commonly, it refers to low viscosity grades of fuel oil used for Furnace (house heating), furnaces or boilers use for home heating and in other buildings. Home ...
futures contract. When the government
deregulated Deregulation is the process of removing or reducing state regulations, typically in the economic sphere. It is the repeal of governmental Economic regulation, regulation of the economy. It became common in advanced industrial economies in the 19 ...
heating oil, the contract had a chance of becoming a good object of trade on the floor. A new
futures contract In finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of Production (economics), production, Distribution (economics), distribution, and Consumpti ...
was carefully drawn up and trading began on a tiny scale in 1978. Some of the first users of NYMEX heating oil deliveries were small scale suppliers of people in the Northern United States. NYMEX's business threatened some entrenched interests like
big oil Big Oil is a name used to describe the world's six or seven largest List of corporations by market capitalization#Publicly traded companies, publicly traded and investor-owned list of oil companies, oil and gas companies, also known as supermaj ...
and government groups like
OPEC The Organization of the Petroleum Exporting Countries (OPEC, ) is a cartel of countries. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has, since 1965, been headquart ...
that had traditionally controlled oil prices. NYMEX provided an "open market" and thus transparent pricing for heating oil, and, eventually, crude oil, gasoline, and natural gas. NYMEX's oil
futures contract In finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of Production (economics), production, Distribution (economics), distribution, and Consumpti ...
s were standardized for the delivery of
West Texas Intermediate West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the Spot market, spot price, the futures market, futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI C ...
light, sweet crude oil to Cushing.


Growth

The energy trading business took off, and NYMEX boomed. The
open outcry Open outcry is a method of communication between professionals on a stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy and se ...
floor became a cacophony of shouting traders and pit cards. The pits became a place where many people without much education or ability to fit into Wall Street could have a chance at being rich. Goodman's book tells the stories of many of the personalities that built the exchange in this era. COMEX (Commodity Exchange, Inc), one of the exchanges that shared 4 World Trade Center with NYMEX, had traditionally looked down on NYMEX for being smaller and for having the toxic reputation from the potato bust. With NYMEX's energy trading boom, it became much larger and wealtheir than COMEX. On August 3, 1994, the NYMEX and COMEX finally merged under the NYMEX name. By the late 1990s, there were more people working on the NYMEX floor than there was space for them. In 1997, the NYMEX moved to a new building on the Southwestern portion of
Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five Boroughs of New York City, boroughs of New York City. The borough is also coextensive with New York County, one of the List of co ...
, part of a complex called the World Financial Center.


Later history


September 11, 2001 attacks

The NYBOT's original headquarters and trading floor were destroyed in the
September 11, 2001 terrorist attacks The September 11 attacks, commonly known as 9/11, were four coordinated suicide Suicide is the act of intentionally causing one's own death Death is the Irreversible process, irreversible cessation of all biological process, ...
on the
World Trade Center World Trade Centers are sites recognized by the World Trade Centers Association. World Trade Center may refer to: Buildings * List of World Trade Centers * World Trade Center (2001–present), a building complex that includes five skyscrapers, a ...
. Several NYMEX people were lost in the tragedy, even though the new NYMEX building itself was mostly undamaged. Despite the area's devastation, the exchange's management and staff quickly had the exchange working. The WTC/WFC art gallery, long located in the Nymex building, continued showing world and community art until 2012. The last-ever exhibit there was a solo show by actualist painter Terry Ward. On February 26, 2003, the New York Board of Trade (NYBOT) signed a lease agreement with the NYMEX to move into its World Financial Center headquarters and trading facility. NYMEX maintained a close relationship with many organizations and people at World Trade Center, and After the attacks, the NYMEX built a $12 million trading floor backup facility outside of New York City with 700 traders' booths, 2,000
telephone A telephone is a telecommunications device that permits two or more users to conduct a conversation when they are too far apart to be easily heard directly. A telephone converts sound, typically and most efficiently the human voice, into ele ...
s, and a backup computer system. This backup was in case of another terrorist attack or
natural disaster A natural disaster is "the negative impact following an actual occurrence of natural hazard in the event that it significantly harms a community". A natural disaster can cause loss of life or damage property, and typically leaves some econo ...
in Lower
Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five Boroughs of New York City, boroughs of New York City. The borough is also coextensive with New York County, one of the List of co ...
.


Electronic trading

NYMEX held a virtual monopoly on "open market" oil futures trading (as opposed to the "dark market" or over-the-counter market. However, in the early 2000s the electronically based exchanges started taking away the business of the
open outcry Open outcry is a method of communication between professionals on a stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy and se ...
markets like NYMEX.
Enron Enron Corporation was an American Energy development, energy, Commodity, commodities, and services company based in Houston, Texas. It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relativ ...
's online energy trading system was part of this trend. Jeff Sprecher's
Intercontinental Exchange Intercontinental Exchange, Inc. (ICE) is an American company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell ...
, or ICE, was another example. ICE eventually began trading oil contracts that were extremely similar to NYMEX's, taking away market share almost immediately.Goodman The open outcry NYMEX pit traders had always been against electronic trading because it threatened their income and their lifestyle. The executives at NYMEX felt that electronic trading was the only way to keep the exchange competitive. NYMEX teamed up with the Chicago Mercantile Exchange to use
Globex The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc", or "the Merc") is a global derivatives marketplace based in Chicago (''City in a Garden''); I Will , image_map = , map_caption = Inte ...
in 2006. The trading pits emptied out as many traders quit. Banks, hedge funds, and huge oil companies stopped making telephone calls to the pits and started trading directly for themselves over screens. In this period the NYMEX also worked on founding the
Dubai Mercantile Exchange The Dubai Mercantile Exchange (DME) is a Commodities exchange, commodity exchange based in Dubai currently listing its flagship futures contract, DME Oman Crude Oil Futures Contract (OQD). Launched in 2007, the DME aims to become the crude oil p ...
in the
United Arab Emirates The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (Middle East, The Middle East). It is ...
. This was chronicled by Ben Mezrich in his New York Times Best Selling book '' Rigged'' which has been optioned for film adaptation by
Summit Entertainment Summit Entertainment is an American film production and distribution company. It is a label of Lionsgate Films, owned by Lionsgate Entertainment and is headquartered in Santa Monica Santa Monica (; Spanish language, Spanish: ''Santa Món ...
.


Sell-off

The final executive management of NYMEX decided to sell it off in pieces, take golden parachute buyouts, and leave. In 2006 NYMEX underwent an
initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically Underwriting, underwritten by one or mo ...
(IPO) and was listed on the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City New York, often called New York City or NYC, is the List o ...
. The executives and exchange members owning seats on the exchange saw their net worth increase by millions of dollars in a few hours - many of the pit traders, who leased their seats instead of owning, did not. Other parts of NYMEX were sold to
private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a typ ...
investors and the
Chicago Mercantile Exchange The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc", or "the Merc") is a global derivatives marketplace based in Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the Chicago Butter and Egg Board, an a ...
. The CME got ownership of the physical facilities and began scrubbing the NYMEX logo and name off of various artifacts and closed the NYMEX museum. NYMEX eventually became little more than a brand name used by CME. By 2011, NYMEX
open outcry Open outcry is a method of communication between professionals on a stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy and se ...
trading was relegated for the most part to a small number of people trading options. In 2009 it was reported that holders of COMEX
gold Gold is a chemical element with the Symbol (chemistry), symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a Brightness, bright, slightly orange-yellow, dense, s ...
futures contract In finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of Production (economics), production, Distribution (economics), distribution, and Consumpti ...
s experienced problems taking delivery of their metal. Along with chronic delivery delays, some investors received delivery of bars not matching their contract in serial number and weight. The delays could not be easily explained by slow warehouse movements, as the daily reports of these movements showed little activity. Because of these problems, there were concerns that COMEX did not have the gold inventory to back its existing warehouse receipts.


Trading platforms

*Pit (
open outcry Open outcry is a method of communication between professionals on a stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy and se ...
) *
Electronic trading In finance, an electronic trading platform also known as an online trading platform, is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. Various financial products c ...
(
Globex The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc", or "the Merc") is a global derivatives marketplace based in Chicago (''City in a Garden''); I Will , image_map = , map_caption = Inte ...
)


Commodities traded

;NYMEX DivisionList of Commodity Delivery Dates on Wikinvest *
Coal Coal is a combustible black or brownish-black sedimentary rock, formed as stratum, rock strata called coal seams. Coal is mostly carbon with variable amounts of other Chemical element, elements, chiefly hydrogen, sulfur, oxygen, and nitrogen ...
*
Crude oil Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude ...
*
Electricity Electricity is the set of physics, physical Phenomenon, phenomena associated with the presence and motion of matter that has a property of electric charge. Electricity is related to magnetism, both being part of the phenomenon of electromagne ...
*
Gasoline Gasoline (; ) or petrol (; ) (see ) is a transparent, petroleum-derived flammable liquid that is used primarily as a fuel in most Spark-ignition engine, spark-ignited internal combustion engines (also known as petrol engines). It consists ...
*
Heating oil Heating oil is any petroleum product or other oil used for heating; a fuel oil. Most commonly, it refers to low viscosity grades of fuel oil used for Furnace (house heating), furnaces or boilers use for home heating and in other buildings. Home ...
*
Natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbon di ...
*
Palladium Palladium is a chemical element with the Symbol (chemistry), symbol Pd and atomic number 46. It is a rare and lustrous silvery-white metal discovered in 1803 by the English chemist William Hyde Wollaston. He named it after the 2 Pallas, asteroid ...
*
Platinum Platinum is a chemical element with the Symbol (chemistry), symbol Pt and atomic number 78. It is a density, dense, malleable, ductility, ductile, highly unreactive, precious metal, precious, silverish-white transition metal. Its name origina ...
*
Propane Propane () is a three-carbon alkane with the molecular formula . It is a gas at standard temperature and pressure, but compressible to a transportable liquid. A by-product of natural gas processing and petroleum refining, it is commonly used as ...
*
Uranium Uranium is a chemical element with the Symbol (chemistry), symbol U and atomic number 92. It is a silvery-grey metal in the actinide series of the periodic table. A uranium atom has 92 protons and 92 electrons, of which 6 are valence electrons. ...
;COMEX Division *
Aluminum Aluminium (aluminum in American and Canadian English Canadian English (CanE, CE, en-CA) encompasses the Variety (linguistics), varieties of English language, English native to Canada. According to the 2016 Canadian Census, 2016 cens ...
*
Copper Copper is a chemical element with the Symbol (chemistry), symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductility, ductile metal with very high thermal conductivity, thermal and electrical conductivity. A fre ...
*
Gold Gold is a chemical element with the Symbol (chemistry), symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a Brightness, bright, slightly orange-yellow, dense, s ...
*
Silver Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...


See also

*
Commodity Exchange Act Commodity Exchange Act (ch. 545, , enacted June 15, 1936) is a federal act enacted in 1936 by the U.S. Government, with some of its provisions amending the Grain Futures Act of 1922. The Act provides federal regulation of all commodities and futu ...
*
Energy law Energy laws govern the use and taxation of energy In physics, energy (from Ancient Greek: wikt:ἐνέργεια#Ancient_Greek, ἐνέργεια, ''enérgeia'', “activity”) is the physical quantity, quantitative physical property, p ...
* New York Cotton Exchange *
List of futures exchanges This is a list of notable futures exchanges. Those stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy and sell security ...
* List of traded commodities


References

Notes Bibliography *


External links

* (NYMEX) * (COMEX)
TradingPitHistory.com
a website to preserve the hand signal language of open outcry trading * {{Authority control Commodity exchanges in the United States Companies based in New York City Financial services companies established in 1882 1882 establishments in New York (state) Futures exchanges Battery Park City CME Group