NEW YORK, May 18 (Reuters) - CME Group, the world's largest derivatives exchange, said on Monday it has completed the integration of energy and metals trading rings into the main trading floor of the New York Mercantile Exchange in lower Manhattan.
CME, which acquired NYMEX last year in a merger deal, carried out the integration in two phases.
The energy trading pits were combined into one petroleum ring on April 20 in the main trading floor. Today, the energy and metals futures and options trading rings were combined in the same floor.
The combined New York trading floor will now be home to the open outcry trading for NYMEX and COMEX futures and options, including crude oil, natural gas, heating oil, gasoline, gold, silver, copper, platinum, and palladium.
'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,' said CME Group Executive Chairman Terry Duffy in a statement.
'We look forward to moving forward with the integration of our clearing systems in the third quarter of this year,' Duffy added.
'We are on track to realize $60 million in annual cost synergies by the end of this year,' said CME Group Chief Executive Officer Craig Donohue.
'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,' said Donohue.
CME said expects its integration of NYMEX to be substantially complete in the fourth quarter of 2009.
(Reporting by Gene Ramos; Editing by Marguerita Choy) Keywords: MARKETS NYMEX TRADINGPITS (gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters Messaging: gene.ramos.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
CME, which acquired NYMEX last year in a merger deal, carried out the integration in two phases.
The energy trading pits were combined into one petroleum ring on April 20 in the main trading floor. Today, the energy and metals futures and options trading rings were combined in the same floor.
The combined New York trading floor will now be home to the open outcry trading for NYMEX and COMEX futures and options, including crude oil, natural gas, heating oil, gasoline, gold, silver, copper, platinum, and palladium.
'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,' said CME Group Executive Chairman Terry Duffy in a statement.
'We look forward to moving forward with the integration of our clearing systems in the third quarter of this year,' Duffy added.
'We are on track to realize $60 million in annual cost synergies by the end of this year,' said CME Group Chief Executive Officer Craig Donohue.
'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,' said Donohue.
CME said expects its integration of NYMEX to be substantially complete in the fourth quarter of 2009.
(Reporting by Gene Ramos; Editing by Marguerita Choy) Keywords: MARKETS NYMEX TRADINGPITS (gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters Messaging: gene.ramos.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.