Nymex members to meet with board

NEW YORK, April 16 (UPI) -- New York Mercantile Exchange members have demanded a meeting to review revenue-sharing rules that could indirectly affect the sale of the company.

The Nymex board approved the sale of the company in March to the Chicago CME Group Inc.

Under the sale agreement, CME would buy all of the company's shares and memberships.

Memberships in the deal were priced at $612,000, which is $2,000 more than a recent sale price, Crain's Business Journal reported Tuesday.

Nymex members are asking about revenue -sharing rules and the company scheduled a June 3 meeting to discuss their concerns.

Nymex rules say the company shares revenues for products sold electronically 90 percent of the time, Crain's reported.

That rule has applied frequently to oil contracts in recent weeks. But there is uncertainty of when the revenue-sharing would take place.

Sale of the company may pivot on the answer. Three-quarters of Nymex members must approve the sale before any deal is complete, the report said.