The grants are intended to aid the NYBOT's hardest-hit firms as they continue to recover from declines in trading volumes resulting from the September 11th terrorist attack. The Partnership is providing the grants, which range from $5,000 to $20,000, through the Civic Capital Corporation, the charitable affiliate of the Investment Fund. The grants are made possible by charitable contributions from The September 11th Fund and other private philanthropic sources.
NYBOT's headquarters were located in 4 World Trade Center and were completely destroyed in the September 11th attacks. The exchange is currently operating out of a back-up facility in Long Island City, Queens, New York.
"The New York Board of Trade's foresight in creating a first-of-its-kind contingency trading floor in Long Island City ensured the survival of its brokers after the destruction of 4 World Trade Center," said Youssef Nasr, Chairman of the Board of the Civic Capital Corporation and President and CEO of HSBC Bank USA. "While many brokers have built their businesses back up to pre-Sept 11th levels, some are still struggling. Hopefully, these grants will help them carry on until they are able to move back into state-of-the-art facilities in Lower Manhattan."
"The New York City Partnership applauds the members of the New York Board of Trade for their perseverance during this difficult period," said Partnership President and CEO Kathryn S. Wylde. "Commodities traders have been working in Lower Manhattan since the mid-19th Century, and we are committed to ensuring that they remain a part of the local economy."
The Partnership grants have been made available through the NYBOT to seat holders identified as having experienced the largest declines in trading volumes during the first six months of 2002 versus the first six months of 2001.
The recoverable grants are intended to help seatholders retain employees and support their businesses during the ongoing recovery. The grants have no interest or collateral requirements. Recipients are asked to repay the grant at the end of five years if they have sufficient funds to do so.
"The September 11th attacks were hard on the exchange and its members, and while volume has increased recently for some of our members, a considerable amount of business was lost by many as a result of the attacks," said Joe O'Neill, Senior Executive Vice President at the New York Board of Trade. "The New York City Partnership's grants to our members will help them recover some of the business they lost, and we want to thank the Partnership and everyone all over the world who donated money to the September 11th Fund for making this possible."
The mission of the New York City Partnership (www.nycp.org) is to represent the leadership of the New York City business community in enhancing the economic well-being of the city through policy advocacy and direct investment in programs and projects. This mission is especially critical after the tragedy of September 11th.
The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar & Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two historic exchanges, the NYBOT provides a global marketplace for a wide variety of traditional and innovative agricultural, currency and index products, including futures and options for cocoa, coffee, cotton, orange juice, sugar and currencies, as well as equity, currency and commodity indexes. Information about the New York Board of Trade's markets and products can be found at www.nybot.com.
