Nymex to sharpen metals for CBoT battle

The Comex division of New York Mercantile Exchange (Nymex) is considering fee reductions and the extension of electronic trading hours in a bid to defend its gold and silver markets against competition from Chicago Board of Trade (CBoT).

CBoT recently unveiled its plans for electronically traded gold and silver contracts aimed at poaching volume from Nymex's predominantly pit-traded markets (see FO Week Vol 9 No 32).

In an exclusive interview with FO Week, Nymex president Jim Newsome said the CBoT move had been the "primary topic of conversation" at a recent Comex board...