New York Mercantile Exchange (Nymex) has reclaimed the top
spot in precious metals marketshare from Chicago Board of Trade
(CBoT), as electronic metals trading in New York has been
quickly adopted by its members spurred by doubts over whether
its competing contract will be around once Chicago mercantile
Exchange (CME) completes its takeover of CBoT this summer.
Since launching side-by-side trading of Comex metals CME's
Globex platform in December, electronic volumes have quickly
gained steam and now account for about 76% of its total metals
volume. Offering electronic trading has also broadened the
user-base for Nymex metals and has helped push the majority of
volume back to Nymex. The New York exchange now commands 59% of
the market and is posting record open interest in gold, a major
swing from 5 October, when CBoT posted new volume records and
marketshare of 60% in 100-ounce gold futures.
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