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NEW YORK (AP) - The New York Mercantile Exchange, the world's largest energy market, on Friday took the first step in a share sale that would allow its owners to unwind positions at a steep profit.
Nymex Holdings Inc. shares have more than doubled since the company went public on Nov. 16, when fewer than 10 percent of its outstanding stock was floated. However, the exchange's 816 seat-holders — the members, traders, and investors who control more than 60 million shares — have been restricted as to when they could unload their stakes.
The filing with the Securities and Exchange Commission on Friday signaled that the Nymex is ready to increase the amount of stock traded publicly. This secondary offering could free up billions of dollars worth of stock held by owners sooner than anticipated.
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