New York Mercantile Exchange

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Definition:
The world's largest physical commodity futures exchange located in New York City.


Its two principle divisions are the New York Mercantile Exchange and the Commodities Exchange (COMEX).

Futures contracts trading at NYMEX are still largely traded on the exchange using open outcry. The exchange acts as the counterparty on every trade, clearing orders amongst the members. The Exchange's platinum contract is the longest continuously traded precious metals contract in the world's marketplace, first traded in 1956.

The New York Mercantile Exchange (NYMEX) was founded as The Butter and Cheese Exchange of New York in 1872. It originally was created by a group of dairy merchants to bring order and standardization to their industry. The product base gradually expanded, and 10 years later the name was changed to the New York Mercantile Exchange.

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