New York Mercantile Exchange, Inc. operates as a physical commodity futures exchange and the trading forum for energy and precious metals. It offers trading in energy, metals, and environmental commodity futures and options via the CME Globex, an electronic trading system; and NYMEX ClearPort, an Internet-based system that provides a market gateway to trading and clearing services. The company offers a range of options on the price differentials between crude oil and its products, futures contract months, and European and Asian-style options. It also provides NYMEX iPort, an offering of index and portfolio products developed for traders to maximize exposure and hedge sector risk in the energ...
20 South Wacker Drive
Chicago, IL 60606
Founded in 1872
CME Group in Response to CFTC Complaint Filed Against New York Mercantile Exchange, Inc
Feb 21 13
CME Group released the statement in response to the CFTC's complaint filed against New York Mercantile Exchange, Inc. Each of CME Group's exchanges, including the New York Mercantile Exchange (NYMEX), places an extremely high priority on preserving the confidentiality of customer information, and expect its employees to abide by this guiding principal without exception. For this reason, when they discover that any CME Group employee has acted contrary to this principle they take decisive action to reinforce its values and protect against the disclosure of confidential information. Its policies and procedures designed to protect against the disclosure of confidential information are sound, and they continue to emphasize the importance of its values with its employees every day. The CFTC court action announced is disappointing because it relates to incidents that CME Group has already addressed and handled appropriately, and involved no harm to any customer or the markets. Nevertheless, the CFTC is now seeking to hold NYMEX liable for the actions of these former employees, which were contrary to exchange policy and, when discovered, resulted in the immediate termination by their employment. NYMEX is not being charged with any misconduct, is not being charged with a failure to properly supervise its employees, and is not being charged with a failure to adhere to the DCM core principles. Rather, the CFTC is seeking to impose a monetary penalty against NYMEX based solely on these former employees' improper activities, even though no customer suffered any loss and no third party obtained any improper gain.