New York Mercantile Exchange (NYMEX)
NYMEX is the world's largest commodity futures exchange and is part of the CME group.
Trading is conducted through two divisions:
- NYMEX for Platinum and Palladium
- COMEX for Copper, Aluminium, Gold, Silver and Steel
NYMEX/COMEX average volume – 2.196 million contracts per day.
Metals trading volumes up 22.9 % in 2011 YTD
Trading on NYMEX/COMEX
Trading is conducted through two divisions:
- NYMEX for Platinum and Palladium
- COMEX for Copper, Aluminium, Gold, Silver and Steel
The Exchange also lists NYMEX miNY futures contracts for all the above - an important alternative to traditional means of trading.
NYMEX average volume - 1.446 million contracts per day.
NYMEX electronic trading volumes increased by nearly 500% in 2007
COMEX electronic trading volumes increased by over 1000% in 2007
EFP: Exchange for Physical
An EFP is an exchange of a physical position into a futures position known as the differential in the price between the spot cash price and a futures month.
- Base Metals EFPs can either be linked to an LME trade or physical metal
- The cash component of a precious metals EFP is Bullion
- Newedge becomes the principal to the EFP trade
- All EFPs are posted and cleared through the CME/NYMEX Clearing House.