The New York Mercantile Exchange
(NYMEX) is "the world's largest physical commodity futures exchange
, and the preeminent trading forum
, and precious metal
s, in North America
" (according to their website at nymex.com).
NYMEX is similar to the New York Stock Exchange, except instead of stocks and bonds, NYMEX deals with crude oil, gasoline, heating oil, natural gas, propane, gold, silver, platinum, palladium, and copper.
Trading is done on the floors of NYMEX through a method of organized chaos known as "public outcry" (similar in nature to traders on the floors of the stock market).
The New York Mercantile Exchange merged with the Commodities Exchange (COMEX) in 1994, creating "the world's largest physical commodity futures exchange" (again the words of nymex.com). It also led to NYMEX's current slogan of "two divisions, one marketplace".
NYMEX is currently located in downtown Manhattan at 1 North End Avenue, along the Hudson River. This building opened in 1997. It's just northwest of the World Trade Center, and 4 blocks south of Stuyvesant High School.
NYMEX is one of the main sponsors of the annual interleague regular season "subway series" games between the New York Yankees and the New York Mets.
GTKY content: I worked as an administrative assistant temp. at NYMEX 6/14/01- 6/15/01.