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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: bullbud who wrote (8412)	3/15/2008 2:27:10 PM
From: bullbud	Read Replies (1) \| Respond to of 50524

Anybody have a take on this? RPT-UPDATE 1-NYSE Euronext to buy gold, silver complex from CME Fri Mar 14, 2008 4:26pm EDT NEW YORK, March 14 (Reuters) - NYSE Euronext (NYX.N: Quote, Profile, Research)(NYX.PA: Quote, Profile, Research) said on Friday it will buy the CBOT metals complex including gold and silver futures and options from the CME Group (CME.N: Quote, Profile, Research), marking the Big Board's first foray into the U.S. commodities exchange business. "The addition of CME Group's precious metals market gives NYSE Euronext a point of entry in the U.S. futures business," Duncan Niederauer, NYSE Euronext's chief executive, said in a statement. A NYSE Euronext spokesman would not comment on whether the company would further expand into commodity trading. NYSE Euronext said that trading of full and e-mini gold and silver futures and options on futures contracts will begin later this year on LIFFE CONNECT, the company's derivatives trading system, pending regulatory approvals. The precious metals complex will continue to be cleared at CME Clearing on an interim basis, after which NYSE Euronext will provide for an alternative clearing solution, the company said. Under the terms of the agreement, NYSE Euronext will also buy the volume and open interest of the CBOT metals complex. CBOT will continue to act as the Designated Contract Market (DCM) for the products until NYSE Euronext establishes its own DCM. CME Group has agreed to provide clearing services for up to one year. In 2007, the CME Group metals complex traded more than 11 million contracts, representing an average daily volume of more than 45,000 contracts. The metals complex consists of mini- and full-sized gold futures, gold options, mini-and full-sized silver futures, and silver options, NYSE Euronext said. (Reporting by Frank Tang, editing by Matthew Lewis) LINK: reuters.com