New York Mercantile Exchange (NYMEX)

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Definition of 'New York Mercantile Exchange (NYMEX)'

The New York Mercantile Exchange (NYMEX) is a commodity exchange located in New York City. It is the world's largest physical commodities futures exchange and one of the largest financial exchanges in the world. The exchange was founded in 1872 as the Butter and Egg Exchange. In 1905, it was renamed the New York Curb Exchange. In 1933, it merged with the New York Produce Exchange to form the New York Mercantile Exchange.

The NYMEX is a futures exchange, which means that it trades contracts for the future delivery of commodities. The exchange offers a wide variety of contracts, including contracts for crude oil, natural gas, gasoline, heating oil, gold, silver, copper, and platinum. The exchange also offers options on some of these contracts.

The NYMEX is a major player in the global commodities market. It is the primary trading venue for many commodities, and it sets the prices for many of these commodities. The exchange also plays an important role in the global economy. It provides a way for businesses to hedge their risks and for investors to speculate on the prices of commodities.

The NYMEX is a regulated exchange. It is overseen by the Commodity Futures Trading Commission (CFTC). The CFTC is responsible for ensuring that the exchange is fair and transparent. The CFTC also regulates the activities of traders on the exchange.

The NYMEX is a major financial institution. It employs over 1,000 people and has a market capitalization of over $10 billion. The exchange is also a major contributor to the New York City economy. It generates over $1 billion in annual revenue for the city.

The NYMEX is a global leader in the commodities market. It is a major player in the global economy and a major contributor to the New York City economy.

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