CME Group announces substantial completion of NYMEX integration

CME Group announces substantial completion of NYMEX integration

 

05/11/09

CME Group, the world's largest and most diverse derivatives marketplace, today announced that it has substantially completed the integration of NYMEX and COMEX. The company also confirmed that it is on track to deliver an estimated $60 million in cost synergies associated with the August 2008 acquisition.

The company has completed all major milestones associated with the integration, including:

  • Integrating membership and fee systems;
  • Combining back-end clearing systems;
  • Migrating NYMEX and COMEX trading floors into one New York trading facility; and
  • Integrating front-end clearing systems for both NYMEX and COMEX.

"This integration further establishes CME Group as a leader in derivatives trading in every major asset class," CME Executive Chairman Terry Duffy said. "We want to thank our customers, members, and employees for their support and hard work that brought our Chicago and New York trading communities together, making it possible for us to offer the most innovative, flexible and diverse risk management tools to the industry."

"We see New York as a vital part of our growth strategy in both exchange-traded and over-the-counter markets," CME Group CEO Craig Donohue said. "As a result of our integration, we have launched more than 200 energy, metals and agricultural products on CME ClearPort this year and plan to add OTC clearing services for credit derivatives, foreign exchange and interest rate products in the future. Additionally, year-over-year monthly volume on CME ClearPort increased 16 percent in October, with average daily volume of approximately 500,000 contracts, demonstrating that clients continue to value the safety and security of our open clearing services offered through CME ClearPort."