$5.8 Million for a Seatposted by MR WAVETHEORY at 11/08/2006 05:07:00 PM
How hot are derivatives exchanges? Check out the New York Mercantile Exchange, where a seat just sold for $5.8 million, another record. Clearly, the feeling is that the upcoming public offering will do for NYMEX seat holders what the New York Stock Exchange's offering did for its seat owners. The buyer was not disclosed. The issue is how long the NYMEX will last before it is engaged in another deal. To survive these days, you need a certain scale and it just might prove to be an attractive partner to another exchange.
This is just a few weeks before Nymex Holdings Inc. (NYSE NMX) is scheduled to go public. Nymex Holdings Inc., the exchange's parent company, said last Tuesday in a regulatory filing that its initial public offering could raise up to $358.8 million. The company plans to list 6.9 million shares on the New York Stock Exchange on Nov. 17 under the symbol NMX.