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SINGAPORE: The New York Mercantile Exchange (NYMEX) is eyeing business opportunities in Asia.
NYMEX is the world's biggest market for trading commodities like energy and metals, and was recently bought over by the Chicago Mercantile Exchange (CME).
Following the US$8 billion deal, CME now controls about 98 per cent of the US futures business.
NYMEX has an average daily trading volume of 1.9 million contracts per day. The tie-up with CME is estimated to bring daily trading volume to 14.2 million contracts per day.
NYMEX said growth potential in Asia, where derivatives trading is fledgling, is great.
George Ng, senior director of Asia Marketing, NYMEX, said: "Trading volume during the Asian time zone is about 25,000 to 30,000 lots per day, which is five times it was a year ago."
NYMEX currently has over 1,000 clients in Asia. It said the recent merger with CME will bring more financial benefits to the businesses in the region.
"They will have common clearing. They will have margin offset that will reduce their financial outlays to trade in our markets," said Ng.
It is estimated that derivatives trading capacity in Asia could exceed one million contracts per day.
- CNA/so
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