This first day of the new exchange completes a six-year merger process that began on December 2, 1997, when the Boards of the CSCE and the NYCE voted unanimously to pursue a merging, and then on December 22, 1997, when over two-thirds of the membership of both exchanges voted to merge and form NYBOT. The first phase of the merger took place on June 10, 1998, when the New York Board of Trade officially became the parent company of the two exchanges, and today marks the end of that six-year process.
All of the contracts previously traded on CSCE and NYCE markets (agricultural, financial and index products) and the related price data are now listed and traded on one exchange – the New York Board of Trade.
“For 134 years, our global marketplace has demonstrated again and again its durability and reliability amid calms and calamities both natural and man-made. Over the past six years, our exchanges have gone through tumultuous times, a road which has led us through the World Trade Center disaster, across the bridge to Long Island City and back again to Lower Manhattan and the World Financial Center,” said Frederick W. Schoenhut, NYBOT Chairman. “But through all of this, our markets have managed not only to survive, but to thrive. This merger upholds the legacy of our two historic exchanges and demonstrates the desire of our membership to create a stronger organization and expand our role as the world’s premier exchange for some of the world’s most important commodities.“
During the six-year merger process, members of each exchange retained trading rights and privileges for those particular markets, but as of today, June 10, 2004, membership and trading rights have been granted for just one exchange – the New York Board of Trade. NYBOT has one class of equity membership which entitles the owner to trade all NYBOT products and offers two types of trading permits – one entitling the holder to trade in all options markets, and the other entitling the holder to trade in FINEXâ financial and index products.
“While it is somewhat sad to see both the Coffee, Sugar & Cocoa Exchange and the New York Cotton Exchange disappear and become simply a part of our history, we must move forward and embrace change in a manner which contributes to the vitality and expansion of our markets,” said Charles H. “Harry” Falk, NYBOT President and CEO. “Today’s merger positions the New York Board of Trade to continue its impressive growth and to capitalize on efficiencies we will need to accomplish our future goals.”
The NYBOT rules can be found in the Market Information section at www.nybot.com To mark this occasion, NYBOT introduces its new logo.
The New York Board of Trade (NYBOT) is New York’s original futures exchange, where the world trades food, fiber and financial products. For well over a century, the New York Board of Trade has provided reliability, integrity and security in a global marketplace for cocoa, coffee, cotton, ethanol, orange juice and sugar, as well as currency and index futures and options. Information about the New York Board of Trade can be found at www.nybot.com and www.nybotlive.com.
