e-miNY Energy Futures to Begin Trading on June 17
NEW YORK, May 30, 2002 – The New York Mercantile Exchange, Inc., and Chicago Mercantile Exchange Inc. (CME) today announced that e-miNY crude oil and natural gas contracts will begin trading on CME’s GLOBEXâ electronic trading platform on June 17.
The trading sessions for the new contracts will begin at 7 PM, New York time, on Sundays, and 3:15 PM, New York time, Mondays through Thursdays, with one-hour breaks from 11 PM through 12 midnight and 9 AM to 10 AM, and will close at 2:30 PM. The contracts will be cleared through the New York Mercantile Exchange clearinghouse.
New York Mercantile Exchange President J. Robert Collins, Jr., said, "With activity in energy markets rapidly escalating, we see great demand for contracts that will extend these opportunities to retail investors and the day trading community. The strong foundation of our relationship with CME has enabled us to bring these fractional versions of the world’s two most actively traded physical commodity futures contracts to market at an accelerated speed."
"CME welcomes the opportunity to add this new line of products from the leading energy trading exchange in the world," said CME President and CEO Jim McNulty. "We believe that the products will benefit from the broad distribution of GLOBEX, coupled with the quality, consistency and speed of the GLOBEX operating platform."
Market participants can access GLOBEX through several methods: through GLOBEX Trader™, CME-provided software that allows participants to connect to GLOBEX through the internet or by a direct connection to the platform, or through software provided by brokerage firms and independent software vendors.
Last week, the two exchanges announced that the e-miNY energy futures contracts would be 40 percent of the size of the current contracts. |
