New York Mercantile Exchange (Nymex) has taken a step closer
to closing its pits after 98% of its shareholders voted in
favour of approving a deal that would see it gain electronic
trading rights from Comex for its metals products. In the
exchange's filing to Securities and Exchange Commission (SEC)
it stated that it could choose to cease all floor trading
operations in five years, though many observers said it might
become fully electronic some time before that.
The Nymex shareholder vote took place last week and swung
overwhelmingly in favour of the exchange paying around $10m and
8,400 shares of Nymex common stock to the 772 Comex
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