This is the world's largest physical commodity exchange and the third largest U. S. futures exchange. Trading activity on its floors determines worldwide benchmark prices for the energy, precious metals and copper industries. Founded in 1872 as a market for agricultural products, it diversified into platinum futures in 1956 and palladium in 1968. The demand for these high-technology metals, plus the introduction in 1978 of the first successful energy contract, heating oil futures, has enabled it to become the fastest-growing futures exchange in the U. S. It is the only one devoted exclusively to pricing, hedging and trading essential industrial commodities. Since its merger with the Commodity Exchange, Inc. on August 3, 1994, trading is conducted through two divisions: the NYMEX Division and the COMEX Division. Last year, more than eighty-three million contracts were traded on the Exchange. The NYMEX Division has 766 members holding 816 seats, while the COMEX Division has 713 members holding 772 seats. On July 7, 1997, the Exchange opened its new 500,000 square-foot trading facility on the riverside front of the World Financial Center (shown in the photograph). There are two 25,000-square-foot, column-free trading floors, with observation galleries overlooking the open outcry activity. Fiber optics are used throughout the communications system, providing reliable, noise-free data and voice transmission. The open configuration allows for more efficient movement and a smoother flow of operations.