The Chicago Mercantile Exchange, which has been chasing a 10% stake in the New York Mercantile Exchange, could be close to securing it as part of an agreement under which Nymex would move some trades to the CME's computer system.

The Wall Street Journal reports that the Nymex board has set up a sub-committee to consider moving electronic trading in its oil, natural gas and gasoline contracts to CME's Globex, the biggest electronic trading system for interest rate futures contracts.