General Atlantic's offer to pay $135m (€112.3m) for 10% of the New York Mercantile Exchange was welcomed by a majority of members last night, despite reports that there would be stiff opposition to the deal. Nymex will begin preparing a flotation once the buy-out completes.

Nymex, which is being advised by JP Morgan, is aiming to float next year. Under the terms of the deal, General Atlantic will be allowed to bid for the entire exchange if an initial public offering is not completed within five years.