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 comm ...

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 List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

. 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 Russe ...

(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 people, whether Natural person, natural, Legal person, legal or a mixture of both, with a specific objective. Company members share a common p ...

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 Independent agencies of the United States federal government are agencies that exist outside the federal executive departments (those headed by a Cabinet secretary) and the Executive Office of the President. In a narrower sense, the term refers ...

. 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, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commerci ...

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 terrorist attack on the World Trade Center in New York City, U.S., carried out on February 26, 1993, when a van bomb detonated below the North Tower of the complex. The urea nitrate–hydrogen gas en ...

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. 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 t ...

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

Cocoa Cocoa may refer to: Chocolate * Chocolate * ''Theobroma cacao'', the cocoa tree * Cocoa bean, seed of ''Theobroma cacao'' * Chocolate liquor, or cocoa liquor, pure, liquid chocolate extracted from the cocoa bean, including both cocoa butter and ...

Coffee Coffee is a drink prepared from roasted coffee beans. Darkly colored, bitter, and slightly acidic, coffee has a stimulant, stimulating effect on humans, primarily due to its caffeine content. It is the most popular hot drink in the world. S ...

Cotton Cotton 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 cellulose, and can contain minor perce ...

* 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 ...

(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