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The futures and options markets of the Exchange trade via three dynamic venues:
Daily open outcry trading — Energy and metals futures and options
are bought and sold on the trading floor during the day.
CME Globex® — Physically-delivered
and cash-settled energy and metals contracts are now traded virtually around
the clock on the world's premier electronic trading platform, CME Globex®.
NYMEX ClearPort® — The Exchange's other electronic platform,
which offers the NYMEX miNY™ crude oil and natural gas futures contracts,
as well as a slate of more than 150 energy contracts that replicate popular
over-the-counter transactions for trading or submission solely for clearing.
A market participant must execute a primary clearing member agreement before
business can be conducted. For a list of clearing members, click here.
NEON
The Exchange has internally developed the NYMEX Electronic Order Network (NEON),
a FIX 4.2 application program interface (API) which provides a gateway that
enables a futures commission merchant (FCM), introducing broker (IB), or trading
firm to connect directly to the Exchange by using commonly available applications
from several independent software vendors (ISV), letting the broker consolidate
his gateways to the Exchange on a single screen on his desktop. NEON delivers
orders to the NYMEX and COMEX Division trading floors and NYMEX ClearPort®.
As an alternative to using an ISV, the API can be added to a firm's own proprietary
front-end trading system software.
For a list of Exchange-certified ISVs, click here.
FCMs, IBs, and trading firms can register for NEON (open-outcry order management)
and NYMEX ClearPort® trading by completing the
online registration process.
For the open-outcry markets, firms must designate:
NEON firm administrators.
NEON firm traders.
NEON firm targets (the firm's conduit to the floor broker's booth).
To enable NEON and receive the hardware for his booth, a floor broker must
obtain a registration form from the telecom help desk either on the NYMEX Division
or COMEX Division trading floor. The completed forms are returned to the telecom
help desk to initiate the installation procedure.
For additional information, including an overview presentation on NEON, please
visit NEON Support/Resources.
OPEN OUTCRY
The five core energy futures contracts: light sweet crude oil, heating oil,
gasoline, natural gas, and propane; and six metals futures contracts: gold,
silver, platinum, palladium, copper, and aluminum; and their associated options
contracts trade on the floor by open outcry. Approximately 85% of Exchange volume
is transacted during the four-and-a-half to five hours that the floor is open.
NEON enables the rapid transmittal of customer orders to the floor. An FCM,
IB, or trade firm enters a customers order into the system from his office.
The order is sent directly to the brokers booth on the trading floor where it
appears on a touch-screen. The clerk prints an order ticket and gives it to
the floor broker. When the order is filled, the ticket is returned to the booth
where a bar code on the document is scanned and the trade is instantly reported
back to the FCM and is available to the customer.
NYMEX ClearPort®
NYMEX ClearPort® is a flexible, internet-based system that provides a market
gateway to trading and clearing services. Market participants can log on through
the Exchange website or through a front end supplied by an ISV.
The system lets market participants take advantage of the financial security
of the Exchange clearinghouse along with round-the-clock access to more than
130 energy futures contracts including natural gas location differentials, electricity,
crude oil and refined product spread and outright transactions, and coal. The
contract is available for trading on the NYMEX ClearPort® trading platform
from 7:00 PM Sundays through 2:30 PM Fridays, with a 45-minute break each day
between 2:30 PM and 3:15 PM. Off-Exchange transactions can be submitted solely
for clearing to the NYMEX ClearPort® clearing website as an exchange of
futures for swaps (EFS) or exchange of futures for physicals (EFP) transaction
until 2:40 PM. All times are New York time.
Market participants can either trade the slate through the NYMEX ClearPort®
trading system or can conduct their own transactions off of the exchange, submitting
the transactions to the Exchange clearinghouse through the NYMEX ClearPort®
clearing platform. NYMEX ClearPort® is an open system allowing trading firms
to customize their front-end to meet their particular requirements.
All market participants desiring to execute transactions on NYMEX ClearPort®
must establish an account with an Exchange clearing member firm. Once an account
has been established with a clearing member, an on-line registration form must
be completed and submitted to the Exchange for approval.
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