CME Group has completed its New York trading floor integration of energy and metals futures and options, "a key milestone" following its 2008 acquisition of Nymex Holdings, parent of the New York Mercantile Exchange (Nymex), the company said Monday. The integration was completed in two phases: first the reconfiguration of the energy trading floor on April 20, and combining the trading rings onto one trading floor Monday. "We have consolidated two major trading floors into one vibrant facility at our Nymex world headquarters in Lower Manhattan," said Terry Duffy, CME Group executive chairman. "We are confident that combining several markets into our trading rings will give members and customers access to greater liquidity on our New York trading floor. We look forward to moving forward with the integration of our clearing systems in the third quarter of this year." The combined New York trading floor, which represents CME Group's continuing commitment to New York City as a global financial center, is now home to open outcry trading for Nymex and Comex futures and options, including crude oil, natural gas, heating oil, gasoline, gold, silver, copper, platinum and palladium. CME Group expects its integration of Nymex to be substantially complete in 4Q2009. CME Group CEO Craig Donohue said the successful integration of the New York trading facilities occurred within nine months of the acquisition. "As a result of our successful integration efforts to date, we are on track to realize $60 million in annual cost synergies by the end of this year," he said.
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