Nymex takes 15% share in Imarex
New York Mercantile Exchange (Nymex) has agreed to acquire 15.1% of Norwegian derivatives exchange Imarex for around $52 million. Nymex will buy the shares from founding Imarex shareholder Frontline, a Bermuda-based crude oil tanker company.
Imarex, a combined voice broker and electronic exchange, offers transaction and settlement services for financial derivative products including tanker and dry bulk forward freight agreements (FFAs), carbon emissions, power and heavy fuel oil. During October the notional value of contracts traded on Imarex reached $1.8 billion, the highest ever monthly total, a 156% rise on October 2006.
A Nymex statement said that the investment formed part of a European expansion strategy, with freight derivatives complementing its established energy market products
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