New York Mercantile Exchange (Nymex) has further heightened
its contentious relationship with New York Board of Trade
(Nybot) by announcing its intended launch of cash settled softs
contracts on Chicago Mercantile Exchange's Globex electronic
trading platform in early January. The move has been viewed by
Nybot as a deliberate attempt to scupper its merger with
Intercontinental Exchange (ICE).
Nymex, which said it would offer cash settled contracts on
coffee, cotton, frozen orange juice, sugar No 11 and sugar No
14, planned to waive trading, transaction, and clearing fees on
the contracts up to June. The move has been viewed by some as a
ploy to break Nybot's lease with Nymex, which owns the building
which houses the trading floor, as well as an attempt by Nymex
to meddle in Nybot's merger with ICE.
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