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:
“Mildred Pierce: You look down on me because I work for a living, don’t you? You always have. All right, I work. I cook food and sell it and make a profit on it, which, I might point out, you’re not too proud to share with me.
Monte Beragon: Yes, I take money from you, Mildred. But not enough to make me like kitchens or cooks. They smell of grease.
Mildred Pierce: I don’t notice you shrinking away from a fifty- dollar bill because it smells of grease.”
—Ranald MacDougall (1915–1973)
“Scholars are wont to sell their birthright for a mess of learning.”
—Henry David Thoreau (1817–1862)