The capital of the Nymex is still well locked

The birth of a "Microsoft" of markets for derivatives by the merger between the two stock exchanges of Chicago, the CME and CBoT will make waves in the changing world of commodity trading places. Approximately 8 of the income of the new set will be derived from this class of assets. The two behemoths, the deep roots in natural resources, are centred with success in recent years on the development of this segment of their respective sides product offerings.

The CBoT, who firmly keeps the world in cereals and oilseeds, returned in the precious metals in launching, on 6 October 2004, revised derivatives of silver and gold. This is a success: on 2 October, its share of the North American market of 100 ounces of gold contracts exceeds 60, to the chagrin of Comex, division metal of the New York Mercantile Exchange (Nymex).

This last is placed in a relatively delicate position. A few months of its placing on the market, the main stock of the energy of the planet is indirectly part of the consolidation of Chicago. Indeed, the Nymex has agreed, in June, to deliver all of its contracts to the WEC so that the list on its Globex electronic platform. New York place was there was resigned, after finding that its direct competitor, the IntercontinentalExchange (ICE) of Atlanta, he stole market share, via the rating in the ICE Futures Europe (formerly Pei) of its flagship product, the crude oil WTI. But the Nymex is not attacked front only by the ICE, promised in marriage to the New York Board of Trade (NYBoT). While it prepares, not without some reluctance of the members of the Comex to launch, on 6 November, on Globex, mini-contrats for base metals, the London Metal Exchange (LME), main market world of non-ferrous, intends him stand in the way by offering to turn, as of 20 November, on Select electronic platform, size reduced aluminium contractscopper and zinc. Interrogated three times by the analysts at the Conference with the merger with the CBoT on the future of the agreement with the Nymex, Terrence a. Duffy, Chairman of the CME, confirmed the importance of this alliance with the New York Stock Exchange.

The capital of the locked Nymex

It is nonetheless a problem must still be resolved: that of the competing contracts in gold from the Comex to CBoT. For the time being, it appears unlikely the Nymex to join the duo from Chicago, or the new set to make an offer. The capital of the Nymex is still well locked. The introduction on the stock market is not the "A" shares, exclusively exchangeable between members. In addition, it deals with a reduced portion of the capital of the Nymex: 10 should be placed on the market at a price between $ 48-52 action. Finally, entrusts the "Echos" close to the New York market, "The EMC already has our contracts." Why should therefore engage in a costly buyback "The Nymex is today worth between 4 and $ 5 billion. A considerable sum, including the new "Microsoft" of derivatives.