According to reports, New York Mercantile Exchange (Nymex) chairman Mitchell Steinhause may not run for re-election, scheduled for May, if, as expected, the buyout deal with private equity firm General Atlantic goes ahead. It was rumoured that Nymex's current vice-chairman Rick Schaeffer and former exchange chairman Michel Marks may both run for the position. A spokesperson for the exchange told FO Week, "Mitchell is focused on serving all of Nymex's members and shareholders as chairman of the exchange and he is putting all of his energy behind the initiatives underway to move Nymex forward".
Bank of America has hired a new metals trading team to expand its existing commodities platform. All the new employers have joined from HSBC. Peter Merritt, previously head of global metals at...