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According to reliable industry sources, the NYMEX plans to move the open
interest in 6 leading contracts to the CME and have the contracts trade on
the Globex2 system of the CME. All contract months would be listed for Gold,
Silver, Heating Oil, Unleaded Gas, Crude Oil and Natural Gas. I am not sure
about whether options will be listed too, but would think they would. I will
follow up when I know more.
Any new contracts opened in the future by the NYMEX, new month listings,
would be through the NYMEX clearing facilities and would not be fungible with
the CME contracts, according to sources. This will allow the transition back
to the NYMEX of their business.
This is a very proactive positive move by the NYMEX and I applaud their
looking out for the interests of their customers interests.
I congratulate the CME for their generosity in helping out a fellow exchange
during these traumatic times. The CME has also announced they will be giving
$1 million to a charitable foundation to assist those affected by the events
of this week.
There will be a 1 minute of silence on the Chicago trading floors at 11 AM
today in recognition of the victims of Tuesday's tragic events and in support
of the survivors and their families.
Regards,
John J. Lothian
Disclosure: Futures trading involves financial risk, lots of it! John J.
Lothian is the President of the Electronic Trading Division of The Price
Futures Group, Inc., an Introducing Broker.
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