Business travelers and tourists in New York Mercantile Exchange are in the vicinity of the largest physical commodity futures exchange in the world. This nerve center of international commerce has two main divisions: the New York Mercantile Exchange (NYMEX), and the New York Commodity Exchange, Inc. (COMEX). Many people simply call it the Merc. The institution was founded in 1872 when a group of dairy merchants started the Butter and Cheese Exchange of New York. Within a few years eggs, poultry, dried fruits, and canned goods were added to the list of trading commodities. The Merc handles billions of dollars worth of commodities including energy, gold, silver, platinum, aluminum, copper, coal, rubber, silk, and hides.
The NYMEX still uses an outcry trading system. This means traders shout and use hand signals on the trading floor. An electronic system is in effect after regular business hours. The New York Mercantile Exchange will be in the neighborhood of Manhattan’s World Financial Center. The Official address is One North End Avenue. Its former headquarters in the World Trade Center was destroyed in the terrorist attack of September 11, 2001.