The New York Mercantile Exchange (Nymex) says it has withdrawn from a project to consolidate the operations of four commodity exchanges in New York City.
Nymex’s board of directors cited economic conditions, escalating costs and the lack of satisfactory progress on the project in announcing its decision. The project would provide increased space and technological improvement in new facilities for the exchanges, all currently operating in New York. The other three partners in the venture are the Commodity Exchange of New York (Comex), the Coffee, Sugar & Cocoa Exchange and the New York Cotton Exchange.
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