The New York Board of Trade (NYBOT, renamed ICE Futures US in September, 2007), is a physical
commodity
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.
The price of a co ...
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 f ...
located in
New York City
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...
. It is a wholly owned subsidiary of
Intercontinental Exchange
Intercontinental Exchange, Inc. (ICE) is an American company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell ...
(ICE).
History
It originated in 1870 as the
New York Cotton Exchange (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 (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 entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared go ...
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 agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options.
The Commodity Exchange Ac ...
, 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 on the
World Trade Center
World Trade Centers are sites recognized by the World Trade Centers Association.
World Trade Center may refer to:
Buildings
* List of World Trade Centers
* World Trade Center (2001–present), a building complex that includes five skyscrapers, a ...
.
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 a borough of New York City, coextensive with Queens County, in the U.S. state of New York. Located on Long Island, it is the largest New York City borough by area. It is bordered by the borough of Brooklyn at the western tip of Long ...
backup facility built after the
1993 World Trade Center bombing
The 1993 World Trade Center bombing was a Terrorism, terrorist attack on the World Trade Center (1973–2001), World Trade Center in New York City, U.S., carried out on February 26, 1993, when a van bomb detonated below the List of tenants in 1 ...
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, with a screenplay by Timothy Harris and Herschel Weingrod. Starring Dan Aykroyd, Eddie Murphy, Ralph Bellamy, Don Ameche, Denholm Elliott, and Jamie Lee Curtis, the ...
.'' 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 ...
.
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, 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 value of the asset falls. This is the opposite of a more conventional "long" position, where the investor will profit if the value of the ...
seats they do not have title to as well as purchase seats they have intention of holding as an investment.
*
Cocoa
*
Coffee
*
Cotton
*
Orange juice (frozen concentrate)
*
Wood pulp
Pulp is a lignocellulosic fibrous material prepared by chemically or mechanically separating cellulose fibers from wood, fiber crops, waste paper, or rags. Mixed with water and other chemical or plant-based additives, pulp is the major raw mate ...
*
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, fructose, and galactose. Compound sugars, also called disaccharides or double s ...
(domestic)
*Sugar (world)
See also
*
List of stock exchanges
This is a list of major stock exchanges. Those futures exchanges that also offer trading in securities besides trading in futures contracts are listed both here and in the list of futures exchanges.
There are sixteen stock exchanges in the world ...
*
List of stock exchanges in the Americas
This is a list of active stock exchanges in the Americas. Stock exchanges in Latin America (where Spanish and Portuguese prevail) use the term ''Bolsa de Valores'', meaning "bag" or "purse" of "values". (compare Börse in German or bourse i ...
References
{{reflist
External links
National Futures AssociationTheice.com NYBOT
Financial services companies established in 1870
Commodity exchanges in the United States
Intercontinental Exchange
Stock exchanges in the United States