SECURITIES

Exchanges Near Merger: The New York Mercantile Exchange is close to acquiring the New York Commodities Exchange in a move that could prevent defection of the world’s largest gold and silver exchange from New York to Chicago. The Merc sweetened its offer to Comex members to $45 million from $20 million, beating earlier offers from the Chicago Board of Trade and the Chicago Mercantile Exchange. Merc Chairman Daniel Rappaport said he wants to “firm up” details of an agreement in the next two to three weeks and that the only obstacle is that the Comex is still asking for $60 million. A key advantage of the merger is that it would reduce costs by combining some back office and administrative functions.