COMEX is an abbreviation for "Commodity Exchange" and refers to the primary futures and options market for trading metals such as gold, silver, copper, and aluminum. It is the worlds largest futures and options trading for metals. COMEX was founded in New York in 1933 through the merger of four smaller exchanges based in New York. In 1994, COMEX merged with the New York Mercantile Exchange (NYMEX) and became the platform responsible for its metals trading. The CME Group purchased the NYMEX, including its COMEX division, in 2008. COMEX is a Designated Contract Market (DCM) for CME Group, offering benchmark metals products subject to COMEX rules and regulations. While one can take delivery of physical metals through COMEX, the vast majority of futures contracts are never delivered on, and the futures markets are designed to be a hedging vehicle for those looking to try and mitigate price risk.