NYMEX (New York Mercantile Exchange) is the world's largest physical commodity futures exchange, located in New York City. It trades and clears futures and options contracts. NYMEX ensures that each contract meets criteria such as commodity, quantity, quality, and delivery details. Clearing is done through NYMEX ClearPort, which calculates margins and processes transactions. Clearing members must establish accounts to trade on NYMEX ClearPort. The IPE (International Petroleum Exchange) in Europe is also an energy futures exchange, with over $8 billion daily traded. It uses LCH Clearnet for clearing, which provides clearing and guarantees contracts through its clearing members.