NYMEX Holdings, Inc. (NYSE:NMX) , the parent company of the New York Mercantile Exchange, the world's largest physical commodities futures and options exchange, announced today that it has signed an agreement to acquire 15.1% of leading Norwegian financial derivatives exchange IMAREX ASA (Oslo: IMAREX) from Frontline Ltd. for approximately $52 million. IMAREX, headquartered in Oslo, operates a hybrid model of electronic trading and voice brokerage and offers research, transaction and settlement services for financial derivatives based on oceangoing freight, airborne emissions, farmed salmon, electric power and heavy fuel oil.
IMAREX is the world's only regulated market for trading of freight derivatives. The Group's exchange and clearing house are licensed by the Norwegian Ministry of Finance and regulated by the Financial Supervisory Authority of Norway. Across the group, customers include the world's leading banks, oil majors, power generators, ship owners, charterers, commodity trading houses and hedge funds. IMAREX has subsidiaries in Norway, Houston, Singapore, Zurich and London.
NYMEX Chairman Richard Schaeffer said, "This investment and partnership in one of Europe's leading derivatives exchanges advances our strategic goal to expand our product distribution and clearing into the European market. The IMAREX shipping derivatives trading and clearing business is a powerful platform for NYMEX to expand and develop new products for the European and global energy markets, and complements our energy market products. We are strong believers in the IMAREX business model, including their wholly-owned clearinghouse and brokerage business."
About NYMEX Holdings, Inc.
NYMEX Holdings, Inc. (NYSE:NMX) is the parent company of the New York Mercantile Exchange, Inc., the world's largest physical commodities futures and options exchange, offering futures and options trading in energy and metals contracts and clearing services for more than 320 off-exchange energy contracts. Through a hybrid model of open outcry floor trading and electronic trading on CME Globex(R) and NYMEX ClearPort(R), NYMEX offers crude oil, petroleum products, natural gas, coal, electricity, gold, silver, copper, aluminum, platinum group metals, emissions and soft commodities contracts for trading and clearing virtually 24 hours each day. Further information about NYMEX Holdings, Inc. and the New York Mercantile Exchange, Inc. is available on the NYMEX website at http://www.nymex.com/.
About IMAREX ASA
IMAREX operates a hybrid model of electronic trading and voice brokerage and offers research, transaction and settlement services for financial derivatives based on ocean going freight, heavy fuel oil, electric power, airborne emissions and farmed salmon. It is the world's only regulated market for trading of freight derivatives. The Group's exchange and clearinghouse are licensed by the Norwegian Ministry of Finance and regulated by the Financial Supervisory Authority of Norway. Across the group, customers include the world's leading banks, oil majors, power generators, ship owners, charterers, commodity trading houses and hedge funds. IMAREX is headquartered in Oslo, and has subsidiaries in Singapore, Houston, Stavanger, Norway, Bergen, Norway, Zurich and London. The company's shares are listed on Oslo Bors under the ticker IMAREX. Further information about IMAREX is available on the group's website at http://www.imarex.com/.
Forward Looking and Cautionary Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to our future performance, operating results, strategy, and other future events. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, and similar words and terms, in connection with any discussion of future results. Forward-looking statements involve a number of assumptions, risks, and uncertainties, any of which may cause actual results to differ materially from the anticipated, estimated, or projected results referenced in forward-looking statements. In particular, the forward-looking statements of NYMEX Holdings, Inc., and its subsidiaries are subject to the following risks and uncertainties: the success and timing of new futures contracts and products; changes in political, economic, or industry conditions; the unfavorable resolution of material legal proceedings; the impact and timing of technological changes and the adequacy of intellectual property protection; the impact of legislative and regulatory actions, including without limitation, actions by the Commodity Futures Trading Commission; and terrorist activities and international hostilities, which may affect the general economy as well as oil and other commodity markets. We assume no obligation to update or supplement our forward-looking statements.
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