CME Group Combines New York Trading Floors
May 18 2009 - 4:49PM
PR Newswire (US)
Consolidated Trading Facility Marks Key Merger Integration
Milestone NEW YORK, May 18 /PRNewswire-FirstCall/ -- CME Group, the
world's largest and most diverse derivatives exchange, announced
today that it has completed its New York trading floor integration,
a key milestone following its 2008 acquisition of NYMEX. The
integration was completed in two phases, first the reconfiguration
of the energy trading floor on April 20, and today, combining the
energy and metals futures and options trading rings onto one
trading floor. "We have consolidated two major trading floors into
one vibrant facility at our NYMEX world headquarters in Lower
Manhattan," said CME Group Executive Chairman Terry Duffy. "We are
confident that combining several markets into our trading rings
will give members and customers access to greater liquidity on our
New York trading floor. We look forward to moving forward with the
integration of our clearing systems in the third quarter of this
year." "We are very pleased to have completed the successful
integration of our New York trading facilities within nine months
following our acquisition of NYMEX," said CME Group Chief Executive
Officer Craig Donohue. "As a result of our successful integration
efforts to date, we are on track to realize $60 million in annual
cost synergies by the end of this year. More importantly, we
continue to see strong growth opportunities in CME Group's listed
energy and metals markets, as well as through CME ClearPort, which
now facilitates central counterparty clearing services for
approximately 700 different over-the-counter derivatives
instruments." The combined New York trading floor, which represents
CME Group's continuing commitment to New York City as a global
financial center, is now home to open outcry trading for NYMEX and
COMEX futures and options, including crude oil, natural gas,
heating oil, gasoline, gold, silver, copper, platinum, and
palladium. CME Group expects its integration of NYMEX to be
substantially complete in Q4 2009. CME Group
(http://www.cmegroup.com/) is the world's largest and most diverse
derivatives exchange. Building on the heritage of CME, CBOT and
NYMEX, CME Group serves the risk management needs of customers
around the globe. As an international marketplace, CME Group brings
buyers and sellers together on the CME Globex electronic trading
platform and on trading floors in Chicago and New York. By acting
as the buyer to every seller and the seller to every buyer, CME
Clearing virtually eliminates counterparty credit risk. CME
Clearing also offers financial safeguards to help mitigate systemic
risk, providing the security and confidence market participants
need to operate, invest and grow. CME Group offers the widest range
of benchmark products available across all major asset classes,
including futures and options based on interest rates, equity
indexes, foreign exchange, energy, agricultural commodities,
metals, and alternative investment products such as weather and
real estate. CME Group is listed on NASDAQ under the symbol "CME."
The Globe logo, CME, Chicago Mercantile Exchange, CME Group,
Globex, E-mini and CME ClearPort are trademarks of Chicago
Mercantile Exchange Inc. CBOT and Chicago Board of Trade are
trademarks of the Board of Trade of the City of Chicago. NYMEX and
New York Mercantile Exchange are trademarks of New York Mercantile
Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All
other trademarks are the property of their respective owners.
Further information about CME Group and its products can be found
at http://www.cmegroup.com/. CME-G DATASOURCE: CME Group CONTACT:
Media, Anu Ahluwalia, +1-212-299-2439, or Allan
Schoenberg,+1-312-930-8189, , http://www.cmegroup.mediaroom.com/ or
Investors, John Peschier, +1-312-930-8491, all of CME Group Web
Site: http://www.cmegroup.com/
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