NEW YORK, NY, United States (UPI) -- Nymex Holdings Inc., which owns the big New York futures exchange, will issue shares to members of its metals division in a restructuring.
The agreement to issue 8,400 shares of Nymex common stock to each member of the Comex, which trades gold, silver and copper futures, is part of a deal to begin trading those futures electronically.
In addition, each Comex member also will get 'certain trading rights protections' and $10 million, in the aggregate, from the proceeds of an initial public offering of Nymex.
Completion of the transaction will let Nymex list all Comex contracts and new metals contracts electronically for overnight and side-by-side trading. In addition, metals contracts may be listed for clearing on the Nymex ClearPort platform, and Nymex will have the right to make electronic trading privileges available to third parties.
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