NYMEX Commodities Exchange
The New York Mercantile Exchange is made up of two divisions which were originally independent companies but are now merged. The New York Mercantile Exchange Inc. is made up of the New York Mercantile Exchange (NYMEX) and the New York Commodities Exchange (COMEX). In 1882, the former Butter and Cheese Exchange of New York was changed to the New York Mercantile Exchange. Originally, the market consisted of products such as dried fruits, canned goods, and poultry.
NYMEX is a publicly traded company that handles billions of dollars worth of energy products, metals and other commodities. Some examples include aluminium, coal, electricity, gasoline, gold and heating oil. The prices quoted on the NYMEX are the basis for the prices people pay throughout the world.
An independent agency of the U.S. government, the Commodity Futures Trading Commission, regulates the NYMEX and every individual company that trades must send their own independent broker. It is then the job of the exchange employees to record the transaction, while having no part in the actual trade.
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