Nymex and PHLX open up commodities



Commodities are still tipped to be one of the most rewarding underlying asset classes for structured products in the US and elsewhere. So it was no surprise when the New York Mercantile Exchange (Nymex) and the Philadelphia Stock Exchange (PHLX) announced the publication by the US Patent & Trademark Office of a patent application for a method and system to securitise contracts valued on a commodities index.

But some market observers remain sceptical of the patent's worth, pointing out that