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 Exchange (which in turn had been founded in 1925) to form CSCE. In 1998, CSCE merged with 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 ...
as subsidiaries of the
New York Board of Trade
The New York Board of Trade (NYBOT, renamed ICE Futures US in September, 2007), is a physical commodity futures exchange located in New York City. It is a wholly owned subsidiary of Intercontinental Exchange (ICE).
History
It originated in 1 ...
(NYBOT). The CSCE operates as an independent unit of NYBOT trading
futures
Futures may mean:
Finance
*Futures contract, a tradable financial derivatives contract
*Futures exchange, a financial market where futures contracts are traded
* ''Futures'' (magazine), an American finance magazine
Music
* ''Futures'' (album), a ...
and
options on
coffee
Coffee is a drink prepared from roasted coffee beans. Darkly colored, bitter, and slightly acidic, coffee has a stimulating effect on humans, primarily due to its caffeine content. It is the most popular hot drink in the world.
Seeds of ...
,
sugar and
cocoa and the
S&P Commodity Index. Trading is by
open outcry, from 8 a.m. to 2:45 p.m., Monday through Friday. In January 2007, NYBOT merged with
IntercontinentalExchange
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 Russel ...
(ICE) and became a
wholly owned subsidiary
A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...
of ICE.
Key people
At the end of April 1902,
H. M. Humphreys resigned from his position as superintendent of the Coffee Exchange to become vice president of the newly formed
Mutual Alliance Trust Company
The Mutual Alliance Trust Company was a trust company formed in New York City in 1902, with founders such as Cornelius Vanderbilt and William Rockefeller.
On January 14, 1915, the company was acquired by Chatham-Phenix National and Alliance Trust ...
.
Coffee broker Joseph J. O'Donohue was a founder of the Coffee Exchange, New York's City Commissioner of Parks, and a founder of the Brooklyn-New York Ferry.
["Mrs. J.M. Ferrer, Civic Leader, 89", ''The New York Times'', February 21, 1967.]
Lehman Brothers
Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, a ...
became a member of the Coffee Exchange as early as 1883, five years before joining the
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...
in 1887.
[Geisst, Charles R. ''The Last Partnerships''. ]McGraw-Hill
McGraw Hill is an American educational publishing company and one of the "big three" educational publishers that publishes educational content, software, and services for pre-K through postgraduate education. The company also publishes refere ...
, 1997, page 50[Wechsberg, Joseph. ''The Merchant Bankers''. Pocket Books, 1966, page 235]
In 1909 writer
Vincent O'Sullivan lost his income from the family coffee business when his brother Percy made a spectacularly mistimed futures gamble at the New York Coffee Exchange. The entire family was ruined, and Vincent was destitute for the remaining years of his life.
Some major U.S.
commodities exchanges, like the New York Coffee Exchange and the
Chicago Mercantile Exchange did not begin using
clearing houses to settle their transactions until the second decade of the 20th century. The New York Coffee Exchange began using clearing houses in 1914.
Staff, ''Simmon’s Spice Mill'', Vol. 37, No. 10, October, 1914, p. 1036
See also
*New York Produce Exchange
The New York Produce Exchange was a commodities exchange headquartered in the Financial District of Lower Manhattan in New York City. It served a network of produce and commodities dealers across the United States. Founded in 1861 as the New Y ...
* Economics of coffee
*History of coffee
The history of coffee dates back to centuries of old oral tradition in Africa. Coffee plants grew wild in Ethiopia and were widely used by nomadic tribes for thousands of years. Sufi monasteries in Yemen employed coffee as an aid to concentrat ...
Notes
External links
Official ICE site
{{subject bar, portal1=Business and economics, portal2=Coffee
Financial services companies established in 1882
Coffee organizations
Food and drink companies based in New York City
Commodity exchanges in the United States
1882 establishments in New York (state)
American companies established in 1882
Financial services companies based in New York City
Agricultural organizations based in the United States
Coffee in the United States
Chocolate industry
Sugar industry