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:
“We are told that every American boy has the chance of being president. I tell you that these little boys in the iron cages would sell their chance any day for good square meals and a chance to play.”
—Mother Jones (1830–1930)
“If the British prose style is Churchillian, America is the tobacco auctioneer, the barker; Runyon, Lardner, W.W., the traveling salesman who can sell the world the Brooklyn Bridge every day, can put anything over on you and convince you that tomatoes grow at the South Pole.”
—Ishmael Reed (b. 1938)