Your NPR news source

CME Group Snatches Up NYMEX

SHARE CME Group Snatches Up NYMEX

Chicago’s massive futures exchange, the CME Group, got the votes it needed to acquire the parent company of the New York Mercantile Exchange. The deal will make the world’s largest derivatives exchange even bigger.

The CME Group was created just last year when the Chicago Board of Trade and Chicago Mercantile Exchange joined up. On Monday, the exchange got the go ahead to acquire NYMEX. The move will give it energy and metal contracts, and will extend its already long reach. Randy Frederick is the Director of Derivatives for Charles Schwab.

FREDERICK: It certainly positions the CME Group in a more competitive position to compete internationally which I think all the exchange groups are trying to do.

The deal is expected to close on Friday of this week.

I’m Adriene Hill, Chicago Public Radio.

The Latest