Mercantile Exchange to Remain in New York

THE JOURNAL RECORD, May 2, 1991 | Go to article overview

Mercantile Exchange to Remain in New York


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NEW YORK (AP) - After a heated debate, the board of the New York Mercantile Exchange agreed to team with the other New York futures markets and move into more spacious downtown quarters, officials announced Wednesday.

The decision, reached late Tuesday night in a 12-6 vote, will keep the world's largest energy market in New York City. There had been talk of moving the exchange away, perhaps to New Jersey, which would have undermined the city's pre-eminence as a key world financial center.

The exchanges' $270 million project will get a boost from $100 million in grant monies from the city and state, as well as $45 million in tax breaks.

The Mercantile Exchange board voted to join with the Coffee, Sugar and Cocoa Exchange Inc., the Commodity Exchange Inc., and the New York Cotton Exchange, which earlier had said they intended to remain in New York.

The New York Futures Exchange, a subsidiary of the New York Stock Exchange, then decided Wednesday it would move to the new futures center.

Mercantile Exchange officials said the board was divided on how aggressively the oil market should proceed on the financial aspects of the project. Talk of moving out of New York City was still faintly alive during the meeting, although it appeared at that point the oil market would stay in town, Mercantile Exchange President R. …

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