The New York Mercantile Exchange (Nymex) is a commodity futures exchange owned and operated by CME Group Inc., the largest derivatives marketplace in the world. Nymex was founded in 1872 and it is located in Manhattan, New York. It is the world’s largest physical commodity futures exchange, with mostly electronic trading since 2006. In 1994 it merged with the Commodity Exchange Inc. (Comex) under the Nymex name. Since then, Comex is officially Nymex’s division responsible for metals trading. Nymex specializes in energy carriers and some metals.
For years, commodities were traded on the floor under the open outcry system. However, in 2015 CME Group, the owner of Nymex, closed most of its futures trading pits in New York and Chicago, because the open outcry had fallen to just 1 percent of the firm’s total futures volume. Gold futures are still traded on the floor, however, they are a really tiny percentage of the overall volume. For example, on March 2, 2016 the open outcry was merely 0.3 percent of the total futures volume.
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