US derivatives giant the Chicago Mercantile Exchange is to cut 150 jobs at the New York Mercantile Exchange, as it forges ahead with realising $60m (€45m) in cost synergies from its acquisition of the energy and metals market just two months ago.

The CME said it will implement “a workforce reduction” of 150 positions, which equates to 38% of Nymex’s 400-strong workforce, over the next 18 to 24 months “reflecting the company’s efforts to leverage synergies resulting from the acquisition by CME Group”.