New York Mercantile Exchange (Nymex)’s newly acquired 15.1% stake in Norwegian-based derivatives exchange Imarex has given the exchange a presence in the shipping derivatives market while attempting again to expand its business in Europe.

Nymex paid about $52m to Frontline, its largest shareholder, for the equity stake in Imarex. Exactly how Imarex will be integrated into Nymex’s trading is still unclear, but Nymex Chairman Richard Schaeffer told FO Week that he plans to be “very involved” with the Nordic exchange heading forward.

“We’re looking to expand our products in Europe...