According to the New York Mercantile Exchange's definition, its futures trading is divided into NYMEX and COMEX.
The New York Mercantile Exchange deals in energy, platinum and palladium. In NYMEX branches, futures and options contracts traded through public bidding include crude oil, gasoline, fuel oil, natural gas and electricity, as well as futures contracts for coal, propane and palladium. The exchange's European Brent crude oil and gasoline are also traded through open bidding. E-miNY energy futures, some light and low sulfur crude oil and natural gas futures contracts are also listed on the exchange, which provides an effective means for small investors and businessmen to participate in the energy market. The contract is traded through the GLOBEX electronic trading system of the Chicago Mercantile Exchange and cleared through the clearing house of the New York Mercantile Exchange. COMEX is responsible for the futures and options contracts of other metals (including gold), including gold, silver and copper.
COMEX's gold futures trading market is the largest in the world, and its gold trading can often dominate the trend of global gold prices. Futures and options are the main trading methods, and the actual physical delivery of gold accounts for a small proportion. Large hedge funds and institutional investors are the main participants in COMEX gold trading, and their trading has great trading power on the gold market; The huge trading volume has attracted many speculators to join, and the whole gold futures trading market has high market liquidity. The color standard of gold harvest is the same as that of London.
COMEX's gold trading was only open bidding in the early days. Later, although the electronic trading system was introduced, COMEX did not cancel the public bidding, but mixed two modes. In the early days of the market, open bidding was adopted and then broadcast by electronic trading system. Participants can trade together in COMEX for nearly 24 hours. There is a close interaction between London and new york gold exchange markets, and a swap transaction between London spot gold and new york futures gold is derived.
Within 18 hours after the trading place is closed, the energy and metal contracts of NYMEX branches and COMEX branches can be traded through the NYMEX ACCESS electronic trading system established on the Internet, so that participants from Japan, Singapore, Hong Kong, London and Switzerland can actively participate in the energy and metal futures market during normal working hours. The integrity of the market is guaranteed by the market, trading and financial supervision system.
As the ultimate transaction object of each transaction, the clearing house plays the role of buyer when facing the seller, and plays the role of seller when facing the buyer. Through the margin system of the clearing house, the credit risk of both parties is reduced when market participants trade on the exchange.
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