ICE Futures U.S.—known as the New York Board of Trade (NYBOT) until September, 2007— is a physical

commodity In economics, a commodity is an economic goods, good, usually a resource, that specifically has full or substantial fungibility: that is, the Market (economics), market treats instances of the good as equivalent or nearly so with no regard to w ...

futures exchange A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts defined by the exchange. Futures contracts are derivatives contracts to buy or sell specific quantities of a commodity or ...

located in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

. It is a wholly owned subsidiary of

Intercontinental Exchange Intercontinental Exchange, Inc. (ICE) is an American multinational financial services company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the ...

(ICE).

History

It originated in 1870 as the

New York Cotton Exchange The New York Cotton Exchange (NYCE) is a commodities exchange founded in 1870 by a group of one hundred cotton brokers and merchants in New York City. In 1998, the New York Board of Trade (NYBOT) became the parent company of the New York Cotton ...

(NYCE). In 1998, the New York Board of Trade became the parent company of the New York Cotton Exchange and the

Coffee, Sugar and Cocoa Exchange The Coffee, Sugar and Cocoa Exchange (CSCE) was founded in 1882 as the Coffee Exchange in the City of New York. Sugar futures were added in 1914, and, on September 28, 1979, the New York Coffee and Sugar Exchange merged with the New York Cocoa Exc ...

(CSCE). Both now function as divisions of NYBOT. NYBOT agreed to become a unit of ICE in September 2006. The New York Board of Trade was a private

company A company, abbreviated as co., is a Legal personality, legal entity representing an association of legal people, whether Natural person, natural, Juridical person, juridical or a mixture of both, with a specific objective. Company members ...

founded by Tom Green and Alfredo Williams. The floor of the NYBOT is regulated by the

Commodity Futures Trading Commission The Commodity Futures Trading Commission (CFTC) is an Independent agencies of the United States government, independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures contract, fut ...

, an independent agency of the United States government. On February 26, 2003, NYBOT signed a historic lease agreement with the

New York Mercantile Exchange The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City. ...

(NYMEX) to move into its World Financial Center headquarters and trading facility after the NYBOT's original headquarters and trading floor was destroyed in the

September 11, 2001, terrorist attacks The September 11 attacks, also known as 9/11, were four coordinated Islamist terrorist suicide attacks by al-Qaeda against the United States in 2001. Nineteen terrorists hijacked four commercial airliners, crashing the first two into ...

on the World Trade Center. NYBOT currently pays about $5 million per year in rent for the leased facility. The New York Board of Trade was able to operate out of its emergency

Queens Queens is the largest by area of the Boroughs of New York City, five boroughs of New York City, coextensive with Queens County, in the U.S. state of New York (state), New York. Located near the western end of Long Island, it is bordered by the ...

backup facility built after the

1993 World Trade Center bombing The 1993 World Trade Center bombing was a terrorist attack carried out by Ramzi Yousef and associates against the United States on February 26, 1993, when a van bomb detonated below the North Tower of the World Trade Center complex in Manhat ...

to keep the exchange running. The New York Board of Trade was featured in the 1983 movie ''

Trading Places ''Trading Places'' is a 1983 American comedy film directed by John Landis and written by Timothy Harris and Herschel Weingrod. Starring Dan Aykroyd, Eddie Murphy, Ralph Bellamy, Don Ameche, Denholm Elliott, and Jamie Lee Curtis, the film te ...

.'' The trading floor scene at the end of the movie was set at the previous trading floor of the New York Board of Trade at

4 World Trade Center 4 World Trade Center (4 WTC; also known as 150 Greenwich Street) is a skyscraper constructed as part of the new World Trade Center in Lower Manhattan, New York City. The tower is located on Greenwich Street at the southeastern corner of the W ...

. The official address of the New York Board of Trade headquarters and trading facility, located in the New York Mercantile Exchange Building, is ''

One North End Avenue One North End Avenue, also known as the New York Mercantile Exchange Building, is an office building at the Brookfield Place (World Financial Center) complex in Lower Manhattan, New York City. It is located on the coast of Battery Park City and ...

, New York, NY 10282-1101''.

Commodities traded on the exchange

One of the most innovative concepts pioneered at the exchange is the ability given to seat holders to trade seats that they do not actually own. Seatholders may

sell short In finance, being short in an asset means investing in such a way that the investor will profit if the market value of the asset falls. This is the opposite of the more common long position, where the investor will profit if the market value ...

seats they do not have title to as well as purchase seats they have intention of holding as an investment. * Cocoa *

Coffee Coffee is a beverage brewed from roasted, ground coffee beans. Darkly colored, bitter, and slightly acidic, coffee has a stimulating effect on humans, primarily due to its caffeine content, but decaffeinated coffee is also commercially a ...

Cotton Cotton (), first recorded in ancient India, is a soft, fluffy staple fiber that grows in a boll, or protective case, around the seeds of the cotton plants of the genus '' Gossypium'' in the mallow family Malvaceae. The fiber is almost pure ...

* Orange juice (frozen concentrate) *

Wood pulp Pulp is a fibrous Lignocellulosic biomass, lignocellulosic material prepared by chemically, semi-chemically, or mechanically isolating the cellulose fiber, cellulosic fibers of wood, fiber crops, Paper recycling, waste paper, or cotton paper, rag ...

Sugar Sugar is the generic name for sweet-tasting, soluble carbohydrates, many of which are used in food. Simple sugars, also called monosaccharides, include glucose Glucose is a sugar with the Chemical formula#Molecular formula, molecul ...

(domestic) *Sugar (world)

References

{{reflist

External links

National Futures Association

Theice.com
NYBOT Financial services companies established in 1870 Commodity exchanges in the United States Intercontinental Exchange Stock exchanges in the United States

History

Commodities traded on the exchange

See also

References

External links