News : Business : Nymex electronic trading jumps 500 percent

Nymex electronic trading jumps 500 percent

Monday, 5-Feb-2007 06:18PM EDT
Story from United Press International. Copyright 2007 by United Press International (via ClariNet)

NEW YORK, Feb. 5 (UPI) -- New York Mercantile Exchange electronic trading jumped to 625,000 contracts a day while floor trading dropped to 400,000 contracts, the exchange said Monday.

January's daily electronic-trades jump marked a fivefold increase over the same month in 2006. The daily floor-trading number represented a 30 percent decrease, the exchange said.

Electronic volumes on Nymex's Commodities Exchange division, where precious metals are traded, also soared fivefold, to nearly 80,000 contracts a day last month, while floor-trader contracts fell nearly 60 percent to 64,000.

The New York Board of Trade launched electronic trading of commodities including sugar, coffee and cocoa Friday and said 12,000 contracts changed hands that day.

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