CME Group’s (CME) year-long pursuit of the New York Mercantile Exchange, Nymex (NMX), is finally coming to a conclusion. CME, the parent of the Chicago Mercantile Exchange and the Chicago Board of Trade, can now declare victory after a vast majority of NMX shareholders voted in favour of the takeover (WSJ):
The takeover gives the CME control over the dominant venue for global oil- and metals-futures trading at a time when some of its core product lines are suffering slowing growth. CME also will gain entry in emissions trading, freight derivatives and the Middle East exchange market.
Nymex won backing from “around 650” of the 816 members, more than the 75% necessary, Nymex Chairman Richard Schaeffer said on a call with reporters.
While CME’s July trading volume fell 1% from the previous July, Nymex saw a 30% increase.
CME valued the transaction at $8.3 billion.
Business Insider Emails & Alerts
Site highlights each day to your inbox.