New York commodities futures and options giant NYMEX Holdings Inc. has penned a deal to buy 15.1% of Norwegian financial derivatives exchange IMAREX from Frontline Ltd. for $52 million.
The Oslo-based IMAREX operates electronic trading, brokerage and settlement services for financial derivatives based on oceangoing freight, airborne emissions and heavy fuel oil.
“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,” Group chairman Richard Schaeffer said in a statement.
IMAREX is the world's only regulated market for trading of freight derivatives, and customers include the world's leading banks, oil majors, power generators, ship owners, charterers, commodity trading houses and hedge funds.
Via: ScandOiL
