Sell Off
The final executive management of NYMEX decided to sell it off in pieces, take golden parachute buyouts, and leave. In 2006 NYMEX underwent an Initial Public Offering (IPO) and was listed on the New York Stock Exchange. The executives and exchange members owning seats on the exchange saw their net worth increase by millions of dollars in a few hours - many of the pit traders, who leased their seats instead of owning, did not. Other parts of NYMEX were sold to private equity investors and the Chicago Mercantile Exchange. The CME got ownership of the physical facilities and began scrubbing the NYMEX logo and name off of various artefacts and closed the NYMEX museum. NYMEX eventually became little more than a brand name used by CME. By 2011, NYMEX open outcry trading was relegated for the most part to a small number of people trading options.
Read more about this topic: New York Mercantile Exchange
Famous quotes containing the word sell:
“There is thy gold—worse poison to men’s souls,
Doing more murder in this loathsome world
Than these poor compounds that thou mayst not sell.
I sell thee poison; thou hast sold me none.”
—William Shakespeare (1564–1616)
“He sent for lancewood to make the thills;
The crossbars were ash, from the straightest trees;
The panels of white-wood, that cuts like cheese,
But lasts like iron for things like these;
The hubs of logs from the “Settler’s ellum,”—
Last of its timber,—they couldn’t sell ‘em,”
—Oliver Wendell Holmes, Sr. (1809–1894)