The technology deal between New York Board of Trade (Nymex) and Chicago Mercantile Exchange (CME), announced on 6 April, has been accepted as a shrewd move by both exchanges but the window of opportunity still remains open for competitors.
Even when the agreement goes live in the next two months, CME's hosting of Nymex products will start with E-Miny energy contracts and Nymex officials said they are still working through the details of how and when the exchange will list the benchmark WTI crude, natural gas, gasoline and heating oil futures for side-by-side trading.
Nonetheless, industry executives and analysts said the deal was a major win for Nymex and a solid business deal for CME. One Nymex member said the deal was "a home run".
The deal will...