"This occasion is more than just a first order using our Order Book Management System," said Patrick Gambaro, Senior Executive Vice President and Interim Chief Operating Officer. "It signifies our continued commitment to enhancing NYBOT's open outcry markets by making them more efficient and competitive, even in light of the challenges faced by NYBOT following 9/11."
Plans for the original launch of the OBMS were delayed by the September 11th terrorist attacks that destroyed the World Trade Center, including NYBOT's entire 4 WTC trading floor, primary data center and back office facilities. The NYBOT has since been operating out of its backup trading site in Long Island City, Queens, New York.
"R.J. O'Brien is very concerned with giving our customers the utmost in service and value," said Colleen Mitchell, President of R.J. O'Brien. "And that's why I'm very pleased to offer them the benefits of NYBOT's OBMS."
The OBMS works in conjuncture with NYBOT's Electronic Order Routing (EOR) system, which has already been successfully deployed on NYBOT's trading floor, and allows a Futures Commission Merchant or broker to send an order over the Internet using Fix 4.2 to the Session Manager in the booth on the trading floor. The Session Manager then can route the order to the floor trader who's using a wireless handheld device, which is currently a 6.25 X 8.5-inch Hitachi device. Once the order has been filled, the trader automatically sends a copy to both the clerk and NYBOT's Trade Input Processing System (TIPS), for clearing.
The EOR/OBMS is connected to NYBOT's pricing system, which allows users to access timely market data. NYBOT has also received praise for the system's unique ability to handle numerous complex orders. Information on R.J. O'Brien can be found at www.rjobrien.com
NYBOT plans to fully-implement the EOR/OBMS systems once the exchange moves into a permanent home, and is, for the time being, offering EOR/OBMS to its members without cost.
Founded in 1914, R.J. O'Brien (RJO) is a privately owned Futures Commission Merchants (FCM). RJO is one of the oldest and well-known independent futures brokerage firms in the industry and is a member of the New York Board of Trade, a founding member of the Chicago Mercantile, a full clearing member of both the Chicago Board of Trade and the Commodity Exchange of New York. RJO's membership is pending for the New York Mercantile Exchange. RJO offers the latest in order entry technology coupled with 24-hour execution and clearing on every futures exchange worldwide. RJO services a nationwide network of over 200 introducing brokers as well as some of the world's largest financial, industrial and agricultural institutions.
