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for $78 million USD and also initiated a joint venuture with MX for the creation of a dedicated Canadian futures exchange to be called CAREX and headquartered in Calgary, Alberta for the provision of "trading and clearing services of over the counter (OTC) and on-exchange futures and options contracts for physical and financial settlement relating to Canadian-based energy (including natural gas, crude oil and electricity), metals and soft commodities."

NYMEX's ownership stake in CAREX I believe has the potential to become a significant asset.

MX's average daily volume at 160,000 contracts per day is dwarfed by the big three US exchanges; nonetheless growth has been impressive with ADV growing 40.5% YOY and having CAGR of 29% over the past five years, numbers comparable to the big three. I think that the creation of CAREX is very exciting and significant because of Canada's abundance of natural resources, the centrality of natural resources to the Canadian economy, and Canada's position as major energy exporter to the US.

I so hope that the valuation of MX's stock price out of the gate isn't so high that I choose to pass it by, as happened with NYMEX's recent IPO. I want I want I want--

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