New York Mercantile Exchange

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GLOBAL

COMMODI

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EXCHANG

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NEW YORK MERCANTILE EXCHANGE

(NYMEX) is the world's largest physical commodityfutures exchange,located in New York City. Its two principal divisions are the New YorkMercantile Exchange and Commodity Exchange, Inc (COMEX) whichwere once separate but are now merged. The parent company of theNew York Mercantile Exchange, Inc., NYMEX Holdings, Inc. becamelisted on the New York Stock Exchange on November 17, 2006, underthe ticker symbol NMX.

The New York Mercantile Exchange handles billions of dollars worthof energy products, metals, and other commoditiesbeing bought and sold on the trading floor and the overnightelectronic tradingcomputer systems. The prices quotedfor transactions on the exchange are the basis for prices that peoplepay for various commodities throughout the world.

The floor of the NYMEX is regulated by the Commodity FuturesTrading Commission, an independent agency of the United States

government. Each individual company that trades on the exchange mustsend its own independent brokers. Therefore, a few employees on thefloor of the exchange represent a big corporation and the exchangeemployees only record the transactions and have nothing to do with theactual trade. The NYMEX is one of the few exchanges in the world tomaintain the open outcry system, where traders employ shouting andcomplex hand gestures on the physical trading floor.

On February 26, 2003, the New York Board of Trade (NYBOT) signeda lease agreement with the NYMEX to move into its World FinancialCenter headquarters and trading facility after the NYBOT's originalheadquarters and trading floor was destroyed in the September 11,2001 terrorist attacks on the World Trade Center.
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As centralized warehouses were built into principal market centerssuch as New York and Chicago in the early 20th century, exchanges insmaller cities began to disappear giving more business to the exchangessuch as the NYMEX in bigger cities. In 1933, the COMEX wasestablished through the merger of four smaller exchanges; theNational Metal Exchange, the Rubber Exchange of New York, theNational Raw Silk Exchange, and the New York Hide Exchange. OnAugust 3, 1994, the NYMEX and COMEX finally merged under theNYMEX name. Now, the NYMEX operates in a trading facility andoffice building with two trading floors in the World Financial Center indowntown Manhattan

COMMODITIES TRADED ON THE GLOBAL EXCHANGE

NYMEX DIVISION Coal

Crude oil Electricity

Gasoline

Heating oil

Natural gas

Palladium

Platinum

Propane

Uranium

COMEX DIVISION

Aluminum
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Copper

Gold

Silver

LONDON METAL EXCHANGE

The London Metal Exchange or LME is the futuresexchange with the world's largest market in options, and futurescontracts on base and other metals. As the LME offers contracts withdaily expiry dates of up to three months from trade date, along withlonger-dated contracts, it also allows for cash trading. It

offers hedging, worldwide reference pricing and the option of physicaldelivery to settle contracts.

It is located at 56 Leaden hall Street, London.

HISTORY OF LONDON METAL EXCHANGE

The London Metal Market and Exchange Company wasfounded in 1877, but the market traces its origins back to 1571 and theopening of the Royal Exchange. At first, only copper wastraded, lead and zinc were soon added but only gained official tradingstatus in 1920. The exchange was closed over WW II and did not re-open until 1952. Other metals traded extended toinclude alluminium (1978), nickel (1979), alluminium alloy (1992)and steel (2008). The exchange also started trading plastics in 2005.

The total value of the trade is around $US 10.24 Trillion annually.

MARKETS
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There is constant inter-office trading, but a lot of trading is stilldone by open-outcry in the Ring. There is a morning and an afternoontrade, where each of the eight metal contracts are traded in twoblocks with a five-minute session for each contract (the sessions lastfrom 11.45 until 13.15 and from 15.10 until 16.35, each session includesa 10-minute break). The second trading block in the morning is key tosetting the Daily Official Exchange rates. After the official trades,there is 15 minutes of "kerb" trading. Trades arein futures, options and TAPOs (traded average-price options, a formof Asian option).

In addition to the 12 companies who have exclusive rights to trade in

the Ring, around 100 companies are involved in the LME in total.Contrary to popular belief, the precious metals, gold and silver, are nottraded on the London Metal Exchange, but on the over-the-counter market usually referred to as the London Bullion Market, bythe members of the London Bullion MarketAssociation. Platinum and palladium are traded on the London Platinumand Palladium Market. Minor metals are not yet traded on the LME butthe exchange announced that they will begin trading Cobalt and

Molybdenum.[3] Many companies involved in minor metals are membersof the Minor Metal Trade Association.

CHICAGO BOARD OF TRADE

CBOT, established in 1848, is the world's oldest futuresand options exchange. More than 50 different options and futurescontracts are traded by over 3,600 CBOT members through openoutcry and Trading. Volumes at the exchange in 2003 were a recordbreaking 454 million contracts. On 12 July 2007, the CBOT merged
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with the CME under the CME Group holding company and ceased toexist as an independent entity.

HISTORY

The concerns of U.S.merchants to ensure thatthere were buyers and sellers for commodities have resultedinto forward contracts to sell and buy commodities. Still, creditrisk remained a serious problem. The CBOT took shape to provide acentralized location, where buyers and sellers can meet to negotiate

and formalize forward contracts.

In 1864, the CBOT listed the first ever standardized "exchangetraded" forward contracts, which were called futures contracts. In1919, the Chicago Butter and Egg Board[1], a spin-off of the CBOT, wasreorganized to enable member traders to allow future trading, and itsname was changed to Chicago Mercantile Exchange (CME).

On October 19, 2005, the initial public offering (IPO) of 3,191,489

CBOT shares was priced at $54.00 (USD) per share. On its first day oftrading the stock closed up +49% at $80.50 (USD) on the NYSE. In2007, the CBOT and the CME merged to form the CME Group.

TOKYO COMMODITY EXCHANGE

The Tokyo Commodity Exchange (TOCOM) is a non-

profit organization, and regulates trading of futurescontracts and option products of all commodities in Japan. The TokyoGold Exchange, the Tokyo Rubber Exchange, and the Tokyo TextileExchange merged in 1984 to form TOCOM.

Traded contracts are:
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Futures

METALS

Gold

Silver

Platinum

Aluminum

Palladium

OIL

Crude oil

Kerosene

Gasoline

Rubber Option

Metals

Gold

CHICAGO MERCANTILE EXCHANGE

The Chicago Mercantile Exchange (CME) (often called "the ChicagoMerc," or "the Merc") is an American financial andcommodity derivative exchange based in Chicago. The CME was foundedin 1898 as the Chicago Butter and Egg Board. Originally, the exchange

was a non-profit organization. The exchange demutualized in November2000, went public in December 2002, and it merged with the ChicagoBoard of Trade in July 2007 to become CME Group Inc. The ChiefExecutive Officer of CME Group is Craig S. Donohue.[1][2] On August 18,2008 shareholders approved a merger with the New York MercantileExchange.
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CME trades several types of financial instruments: interestrates, equities, currencies, and commodities. It also offers trading inalternative investments such as weather and real estate derivatives.

CME has the largest options and futures contractsopeninterest (number of contracts outstanding) of any futures exchange inthe world.

On October 7, 2008, the Chicago Mercantile Exchange (CME) Groupannounced that it will be teaming up with CITADEL INVESTMENTGROUP LLC to create a transparent electronic trading platformfor credit default swaps.[3] The joint venture between CME and Citadelwill operate as an independent organization with its own board of

directors and management team.[4] The new venture plans to initiallyprovide clearing services for contracts involving credit-default swapindices, which typically have more standardized terms than swapcontracts for individual bonds. It is expected to eventually expand itsoffering to include other derivative indices as well as the multitude ofsingle-name corporate derivatives.[5][6]Major market participants will beinvited to join the platform as founding members, in return forreceiving a 30 percent equity portion of the venture.

BURSA MALAYSIA EXCHANGE

The Bursa Malaysia (MYX: 1818) or MalaysiaExchange, MYX previously known as Kuala Lumpur Stock

Exchange (KLSE, Bursa Saham Kuala Lumpur in Malay) dates back to1930 when the Singapore Stockbrokers' Association was set up as aformal organisation dealing in securities in Malaya. In 1937 it was re-registered as the Malayan Stockbrokers' Association, but it still didnot trade public shares.
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By 1960s, the Malayan Stock Exchange was formed and public tradingof shares began on 9 May. In 1961, the Board system was introducedwhereby two trading rooms, one each in Singapore and Kuala Lumpur,were linked by direct telephone lines into a single market with the samestocks and shares listed at a single set of prices on both boards.

The Stock Exchange of Malaysia was officially formed in 1964 and inthe following year, with the secession of Singapore from Malaysia, thecommon stock exchange continued to function under the name StockExchange of Malaysia and Singapore (SEMS).

In 1973, with the termination of currency interchangeability betweenMalaysia and Singapore, the SEMS was separated into The Kuala

Lumpur Stock Exchange Bhd (KLSEB) and The Stock Exchange ofSingapore (SES). Malaysian companies continued to be listed on SESand vice-versa. A new company limited by guarantee, The Kuala LumpurStock Exchange (KLSE) took over operations of KLSEB as the stockexchange. In 1994, it was re-named Kuala Lumpur Stock Exchange.

Kuala Lumpur Stock Exchange became a demutualised exchange and wasre-named Bursa Malaysia in 2004. It consists of a Main Board, a

Second Board and MESDAQ with total market capitalizationof MYR700 billion (US$189 billion).

In 2005, Bursa Malaysia was listed at its own exchange on 18 March.On 18 April, Bursa Malaysia introduced CBRS, a scheme which allows allinvestors to access research reports of Bursa-listed companies free-of-charge.

HISTORY

The first formal securities business organisation in Malaysia wasthe Singapore Stockbrokers' Association, established in 1930[3]. It wasre-registered as the Malayan Stockbrokers' Association in 1937. The
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Malayan Stock Exchange was established in 1960 as the bourse forpublic trading of shares in Malaya. The board system with tradingrooms in Singapore andKuala Lumpur, linked by direct telephone linesinto a single market with the same shares listed at a single set ofprices on both boards, was established in 1961.

By 1964, the Stock Exchange of Malaysia was established. With thesecession of Singapore from Malaysia in 1965, the Stock Exchange ofMalaysia became known as Stock Exchange of Malaysia andSingapore. In 1973, with the currency interchangeability betweenMalaysia and Singapore ceased, the Stock Exchange of Malaysia andSingapore was divided into KLSEB and SES. The Kuala Lumpur Stock

Exchange which was incorporated on December 14, 1976 as a companylimited by guarantee, took over the operations of KLSEB in the same

year.

DALIAN COMMODITY EXCHANGE

It is a Chinese futures exchange based in Dalian. It isa non-profit, self-regulating and membership legal entity established onFebruary 28, 1993.

Dalian Commodity Exchange trades in futures contracts underlined by avariety of agricultural and industrial produce on a national scale. Sofar, futures contracts on soybean, soybean oil, corn, palm oil, soymeal

and LLDPE, a petroleum-based product, are traded on the Dalianbourse.The exchange has the deepest liquidity pool among all ChineseCommodity Futures Exchanges. According to the Futures IndustryAssociation, the bourse has been the largest mainland futuresexchange by volume for eight years, half the domestic market share in2007, and captures roughly 2% of global futures market share
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(including financial futures). A near-tripling in volumes of itsbenchmark corn future in 2006 saw the contract leapfrog the DCE soycomplex to become the single-largest product, with the 65m traded,trailing only Nymex WTI Crude in the global commodity rankings.According to the Futures Industry Association, DCE is thesecond largest agricultural futures bourse in the world, with a 29%market share.[1] In 2007, total trading volume and turnover reached371 million contracts and RMB 11.97 trillion (1.67 trillion USD). As ofNovember 2007, the exchange had 194 members including 180brokers, with a reach of more than 160,000 investors. Louis Dreyfusbecame the first foreign member in June 2006.

NATIONAL COMMODITY EXCHANGE LIMITED

National Commodities Exchange Limited (NCEL) isPakistan's first futures commodity market having its registeredHead office inKarachi. It is the only company in Pakistan to

provide a centralized and regulated place for commodity futurestrading and is regulated bySecurities and Exchange Commissionof Pakistan(SECP). It has started full trading activities on 11May 2007.

COMMODITIES TRADED

NCEL has initially started trading in Gold only but soon would beextended to Wheat, Rice, Cotton yarn and Sugar. It is also trading 10gram physical gold, 100 gram gold futures, 1 kg gold futures and kiborfutures.
http://en.wikipedia.org/w/index.php?title=Largest_agricultural_futures_bourse&action=edit&redlink=1http://en.wikipedia.org/wiki/Dalian_Commodity_Exchange#cite_note-0http://en.wikipedia.org/wiki/Karachihttp://en.wikipedia.org/wiki/Securities_and_Exchange_Commission_of_Pakistanhttp://en.wikipedia.org/wiki/Securities_and_Exchange_Commission_of_Pakistanhttp://en.wikipedia.org/wiki/Goldhttp://en.wikipedia.org/wiki/Wheathttp://en.wikipedia.org/wiki/Ricehttp://en.wikipedia.org/wiki/Sugarhttp://en.wikipedia.org/w/index.php?title=Largest_agricultural_futures_bourse&action=edit&redlink=1http://en.wikipedia.org/wiki/Dalian_Commodity_Exchange#cite_note-0http://en.wikipedia.org/wiki/Karachihttp://en.wikipedia.org/wiki/Securities_and_Exchange_Commission_of_Pakistanhttp://en.wikipedia.org/wiki/Securities_and_Exchange_Commission_of_Pakistanhttp://en.wikipedia.org/wiki/Goldhttp://en.wikipedia.org/wiki/Wheathttp://en.wikipedia.org/wiki/Ricehttp://en.wikipedia.org/wiki/Sugar


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EUROPEAN ENERGY EXCHANGE

European Energy Exchange AG, Germany's energy

exchange, is the leading energy exchange in Central Europe.

The European Energy Exchange is located in Leipzig. Precedingcompanies were LPX Leipzig Power Exchange, located in Leipzig andEuropean Energy Exchange, located in Frankfurt. Both exchangesmerged in the year 2002.

EEX operates market platforms for trading in power, naturalgas, CO2 emission allowances and coal.

AFRICA MERCANTILE EXCHANGE

The AFMX; in full, Africa Mercantile Exchange Limited)isa Nairobi-based Commodity futures and options exchange. It is thefirst fully diversified commodities exchange in Africa in terms ofProduct portfolio.

It is also the first mercantile exchange to be createdin Africa (see list of Commodities exchanges). On June 24, 2005, theAfrica Mercantile Exchange was incorporated, creating the AfricaMercantile Exchange AfMX.[1].

Founded on June 24, 2005 by Wilson Thungu Thuku, the "AfricaMercantile Exchange" (AfMX) has had a consistent history of provisionof responsive services provided to the financial market and the Kenyaneconomy.
http://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/Energy_exchangehttp://en.wikipedia.org/wiki/Central_Europehttp://en.wikipedia.org/wiki/Leipzighttp://en.wikipedia.org/wiki/Frankfurthttp://en.wikipedia.org/wiki/2002http://en.wikipedia.org/wiki/CO2http://en.wikipedia.org/wiki/Coalhttp://en.wikipedia.org/wiki/Nairobihttp://en.wikipedia.org/w/index.php?title=Commodity_futures_and_options_exchange&action=edit&redlink=1http://en.wikipedia.org/wiki/Africahttp://en.wikipedia.org/wiki/Africahttp://en.wikipedia.org/w/index.php?title=List_of_Commodities_exchanges&action=edit&redlink=1http://en.wikipedia.org/wiki/Africa_Mercantile_Exchange#cite_note-0http://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/Energy_exchangehttp://en.wikipedia.org/wiki/Central_Europehttp://en.wikipedia.org/wiki/Leipzighttp://en.wikipedia.org/wiki/Frankfurthttp://en.wikipedia.org/wiki/2002http://en.wikipedia.org/wiki/CO2http://en.wikipedia.org/wiki/Coalhttp://en.wikipedia.org/wiki/Nairobihttp://en.wikipedia.org/w/index.php?title=Commodity_futures_and_options_exchange&action=edit&redlink=1http://en.wikipedia.org/wiki/Africahttp://en.wikipedia.org/wiki/Africahttp://en.wikipedia.org/w/index.php?title=List_of_Commodities_exchanges&action=edit&redlink=1http://en.wikipedia.org/wiki/Africa_Mercantile_Exchange#cite_note-0


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AUSTRALIAN SECURITIES EXCHANGE

The Australian Securities Exchange (ASX) is the

primary stock exchange in Australia. The ASX began as separate state-based exchanges established as early as 1861. Today trading is all-electronic and the exchange is a public company, listed on the exchangeitself.

The Australian Securities Exchange as it is now known resulted fromthe merger of the Australian Stock Exchange and the Sydney FuturesExchange in December 2006, becoming the 9th largest stock exchangein the world.

The biggest stocks traded on the ASX, in terms of their marketcapitalisation, include BHP Billiton, Commonwealth Bank ofAustralia, Telstra Corporation, Rio Tinto, National AustraliaBank and Australia and New Zealand Banking Group. As at 31 December2006 the three largest sectors by market capitalisation were financial

services (34%), commodities (20%) and listed property trusts (10%).The major market index is the S&P/ASX 200, an index made up of thetop 200 shares in the ASX. This supplanted the previouslysignificant All Ordinaries index, which still runs parallel to the S&PASX 200. Both are commonly quoted together. Other indices for thebigger stocks are the S&P/ASX 100 and S&P/ASX 50.

The ASX is a public company, and its own shares are traded on the

ASX. However, the corporation's charter restricts maximum individualholdings to a small fraction of the company.

While the ASX regulates other listed companies listed on the ASX, itcannot regulate itself, and is regulated by the Australian Securitiesand Investments Commission (ASIC).
http://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Australiahttp://en.wikipedia.org/wiki/Market_capitalisationhttp://en.wikipedia.org/wiki/Market_capitalisationhttp://en.wikipedia.org/wiki/BHP_Billitonhttp://en.wikipedia.org/wiki/Commonwealth_Bank_of_Australiahttp://en.wikipedia.org/wiki/Commonwealth_Bank_of_Australiahttp://en.wikipedia.org/wiki/Telstra_Corporationhttp://en.wikipedia.org/wiki/Rio_Tinto_Grouphttp://en.wikipedia.org/wiki/National_Australia_Bankhttp://en.wikipedia.org/wiki/National_Australia_Bankhttp://en.wikipedia.org/wiki/Australia_and_New_Zealand_Banking_Grouphttp://en.wikipedia.org/wiki/S%26P/ASX_200http://en.wikipedia.org/wiki/All_Ordinarieshttp://en.wikipedia.org/wiki/S%26P/ASX_50http://en.wikipedia.org/wiki/Australian_Securities_and_Investments_Commissionhttp://en.wikipedia.org/wiki/Australian_Securities_and_Investments_Commissionhttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Australiahttp://en.wikipedia.org/wiki/Market_capitalisationhttp://en.wikipedia.org/wiki/Market_capitalisationhttp://en.wikipedia.org/wiki/BHP_Billitonhttp://en.wikipedia.org/wiki/Commonwealth_Bank_of_Australiahttp://en.wikipedia.org/wiki/Commonwealth_Bank_of_Australiahttp://en.wikipedia.org/wiki/Telstra_Corporationhttp://en.wikipedia.org/wiki/Rio_Tinto_Grouphttp://en.wikipedia.org/wiki/National_Australia_Bankhttp://en.wikipedia.org/wiki/National_Australia_Bankhttp://en.wikipedia.org/wiki/Australia_and_New_Zealand_Banking_Grouphttp://en.wikipedia.org/wiki/S%26P/ASX_200http://en.wikipedia.org/wiki/All_Ordinarieshttp://en.wikipedia.org/wiki/S%26P/ASX_50http://en.wikipedia.org/wiki/Australian_Securities_and_Investments_Commissionhttp://en.wikipedia.org/wiki/Australian_Securities_and_Investments_Commission


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Documents

New York Mercantile Exchange