Contact: Anu Ahluwalia, NYMEX, (212) 299-2439 or Keil Decker, NYMEX, (212) 299-2209
New York, NY, April 16, 2007 -- The New York Mercantile Exchange, Inc., a subsidiary of NYMEX Holdings, Inc. (NYSE:NMX), the world’s largest physical commodity exchange, today signed a 10-year agreement with UxC, LLC (UxC), the global uranium pricing index and information leader, to introduce on and off-exchange traded uranium futures products on the CME Globex® and NYMEX ClearPort® electronic platforms on May 6 for trade date May 7.
NYMEX and UxC will work together to provide marketing and education for these financially settled contracts, which will serve as the pricing benchmark for this rapidly growing industry.
NYMEX Chairman Richard Schaeffer said, “We are excited to introduce uranium futures contracts and to provide the industry with a transparent price discovery mechanism. We expect to create a benchmark contract for this important and underserved global market. NYMEX is gratified to launch innovative products, and uranium is uniquely positioned to act as a complement to both our energy and metals product offerings. We are proud to partner with UxC, the recognized market leader.”
UxC President Jeff Combs said “The experience this decade has clearly indicated that the uranium market would benefit from additional price transparency, especially in terms of forward prices, as market participants formulate budget and investment decisions in this critical period of a renaissance in nuclear power. We are pleased to partner with NYMEX, the global leader in commodities-based futures trading, in the introduction of uranium futures products, and applaud NYMEX for investing the time and resources necessary to make uranium futures a reality.”
NYMEX Holdings, Inc. (NYSE:NMX) is the parent company of the New York Mercantile Exchange, Inc., the world’s largest physical commodities-based futures and options exchange in the world, offering futures and options trading in energy and metals contracts and clearing services for more than 300 off-exchange energy contracts. Through a hybrid model of open outcry floor trading and electronic trading on CME Globex® and NYMEX ClearPort®, NYMEX offers crude oil, petroleum products, natural gas, coal, electricity, gold, silver, copper, aluminum, platinum group metals, emissions, and soft commodities contracts for trading and clearing virtually 24 hours each day. Further information about NYMEX Holdings, Inc. and the New York Mercantile Exchange, Inc. is available on the NYMEX website at http://www.nymex.com/.
UxC, LLC (UxC) is the leading source of nuclear industry market information. Through its market research, information services, and publications, UxC provides in-depth coverage and analysis of nuclear fuel market trends. Through its Ux Weekly publication and daily Headline News service, UxC keeps its worldwide clients abreast of market price and nuclear industry developments. Further information about UxC is available on the UxC website at https://www.uxc.com/.
Forward Looking and Cautionary Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to our future performance, operating results, strategy, and other future events. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, and similar words and terms, in connection with any discussion of future results. Forward-looking statements involve a number of assumptions, risks, and uncertainties, any of which may cause actual results to differ materially from the anticipated, estimated, or projected results referenced in forward-looking statements. In particular, the forward-looking statements of NYMEX Holdings, Inc., and its subsidiaries are subject to the following risks and uncertainties: the success and timing of new futures contracts and products; changes in political, economic, or industry conditions; the unfavorable resolution of material legal proceedings; the impact and timing of technological changes and the adequacy of intellectual property protection; the impact of legislative and regulatory actions, including without limitation, actions by the Commodity Futures Trading Commission; and terrorist activities and international hostilities, which may affect the general economy as well as oil and other commodity markets. We assume no obligation to update or supplement our forward-looking statements.