NYMEX, the New York Mercantile Exchange, commonly referred to as 'The Merc' is the world's largest physical commodity futures exchange. It is operated and owned by CME Group of Chicago and has its premises in the Battery Park district of Manhattan in New York. Two divisions conduct day to day trading: the energy platinum and palladium markets are based in the NYMEX Division, while metals such as gold and silver are traded in the COMEX Division along with FTSE 100 index options. NYMEX maintained a traditional pit or 'outcry' trading system until December 2016. Today an electronic system is favoured.