Investment banks cash in NYMEX shares

Nine investment banks are selling $136 million worth of their shares in the New York Mercantile Exchange
The value of the banks’ holdings in the commodity exchange has doubled since the exchange went public on Nov. 17, according to Financial News (InvestmentNews, November 17) .
NYMEX Holdings Inc. has since filed with the Securities and Exchange Commission for a secondary offering.
Merrill Lynch & Co. Inc. and JPMorgan Chase & Co., which led the IPO, is selling $31 million and $8 million worth of Nymex shares, respectively and will each retain a $39 million stake in the exchange, according to the report.
Both banks are leading the $934 million secondary sale with Charlotte, N.C.-based Bank of America Corp.
Paris-based BNP Paribas is selling the largest stake, $35 million, but will retain $71 million worth of Nymex shares.
New York-based Citigroup Inc., London-based HSBC Holdings PLC, Deutsche Bank AG of Frankfurt, Germany, Bear Stearns Cos. Inc. of New York, Calyon Financial Inc. of Chicago and New York-based Morgan Stanley are also selling stake in the bank.
Nymex shares were offered for $59 and are currently trading up $1.10 at $131.42.