Business, Legal & Accounting Glossary
Commodity Exchange Inc. (COMEX) was established in 1933 through the merger of four smaller exchanges based in New York: the National Metal Exchange, the Rubber Exchange of New York, the National Raw Silk Exchange, and the New York Hide Exchange. COMEX shot into prominence when a 1933 ban on Americans holding gold was repealed in 1974. COMEX gold futures contract was launched in 1974, followed by silver and options. Its liquidity attracted traders worldwide. To facilitate global trading in various time zones, COMEX works extended hours. COMEX offers after-hours trading through the NYMEX ACCESS SM electronic trading system, including an online session on Sundays. In 1994, COMEX merged with the New York Mercantile Exchange (NYMEX) and now functions as the COMEX division of NYMEX. But COMEX maintains its own distinct trading rights and contracts. COMEX offers gold, silver, copper and aluminium contracts as well as FTSE Eurotop 100 and 300 stock indices.
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This glossary post was last updated: 4th February, 2020 | 7 Views.