Everything about Nybot totally explained
The
New York Board of Trade (NYBOT) is a wholly-owned subsidiary of
IntercontinentalExchange (ICE). It is a physical
commodity futures exchange located in
New York City. It originated in
1870 as the
New York Cotton Exchange (NYCE). In
1998, the New York Board of Trade became the parent company of both the New York Cotton Exchange and the
Coffee, Sugar and Cocoa Exchange (CSCE) (founded in 1882) and that now function as divisions of the NYBOT. On
September 14,
2006, NYBOT agreed to become a unit of ICE and this transaction was completed on
January 12,
2007.
The New York Board of Trade was a private
company founded by Tom Green and Alfredo Williams prior to its merger. The floor of the NYBOT is regulated by the
Commodity Futures Trading Commission, an
independent agency of the
United States Government. Each individual company that trades on the exchange must send its own independent brokers. Therefore, a few employees on the floor of the exchange represent a big
corporation and the exchange employees only record the
transactions and have nothing to do with the actual trade.
On
February 26,
2003, NYBOT signed a historic lease agreement with the
New York Mercantile Exchange (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. 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 backup facility built after the
1993 World Trade Center bombing to keep the exchange running.
On
May 7,
2004, NYBOT opened a new trading pit for
ethanol futures. Ethanol is a common type of
alcohol which can be used as a
fuel. This type of fuel has become a very popular alternative to
fossil fuels due to the current
energy crisis.
The New York Board of Trade was featured in the
1983 movie
Trading Places, where two rich brothers came up with a scheme to buy out all of the frozen concentrate
orange juice market using
inside information from the
Department of Agriculture. 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 don't actually own. Seatholders may
sell short seats they don't have title to as well as purchase seats they've intention of holding as an investment.
Further Information
Get more info on 'Nybot'.
|
External Link Exchanges
Do you know how hard it is to get a link from a large encyclopaedia? Well we're different and will prove it. To get a link from us just add the following HTML to your site on a relevant page:
<a href="http://new_york_board_of_trade.totallyexplained.com">New York Board of Trade Totally Explained</a>
Then simply click through this link from your web page. Our crawlers will verify your link, extract the title of your web page and instantly add a link back to it. If you like you can remove the words Totally Explained and embed the link in article text.
As long as your link remains in place, we'll keep our link to you right here. Please play fair - our crawlers are watching. Your site must be closely related to this one's topic. Any kind of spamming, dubious practises or removing the link will result in your link from us being dropped and, potentially, your whole site being banned. |
