"The New York Board of Trade, along with BTP/Constantin Walsh-Lowe, is building a new trading floor that uses the most advanced and sophisticated floor trading technology available today," said Patrick L. Gambaro, Interim Chief Operating Officer of NYBOT. "Our members will now be able to use cutting-edge technology to trade our products, such as all-new electronic desktops, our own Electronic Order Routing system (EOR), as well as our Automated Trading Card (ATC) technology, right from their booths on the new trading floor."
The NYBOT, which lost its trading facility in the September 11th terrorist attacks, has been operating out of its back-up site in Long Island City, Queens, New York. The exchange announced Wednesday, February 26, at a ceremony at NYMEX attended by Governor George Pataki, Mayor Michael Bloomberg, senior NYMEX and NYBOT officials, as well as numerous state, local and federal representatives, that it was moving into the NYMEX building and that its pits would open for trading in September 2003. The Empire State Development Corporation and the New York City Economic Development Corporation recently granted NYBOT $23.3 million in aid as well as sales tax relief to help it rebuild its new trading facility.
The two exchanges entered into a 10-year lease on more than 58,000 square feet of trading and office space. NYBOT's new trading floor will be shared with the Comex Division of NYMEX and will cover roughly 13,100 square feet and contain 13 trading pits, similar to NYBOT's original WTC trading floor.
The BTP-CWL team, technology designers that oversee the implementation of IT solutions, are joining forces in this collaborative project to provide their financial, technology, and project management expertise. The relocation includes IT for NYBOT trading booths, back office systems conversion, telecommunications configuration and the entire exchange trading floor, which holds approximately 1,700 traders.
BTP-CWL will upgrade NYBOT's trading floor and back office, recommending new desktop technologies, a voice exchange, a wireless telephone system, a world-class boardroom, and a network to connect the new space at One North End Avenue to their existing offices at 39 Broadway and the disaster recovery site in Long Island City. Quick and reliable handheld wireless technologies will also be put into place, enabling trades to be made through electronic order routing and electronic price reporting.
Additionally, the relocation includes the design development and acquisition of the members' trading booths, which will have handheld wireless trade reporting systems, LAN connectivity, news monitors and high-speed Internet access.
According to Joshua Aaron, President of Business Technology Partners, "Our collaboration with Constantin Walsh-Lowe is off to a great start. Throughour combined efforts, I am positive that we will deliver future -proof, state-of-the- art technology solutions that will meet the demands of NYBOT's members. In the financial services industry speed matters and the technology backbone has to live up to the demands of its users. Therefore, it's imperative that the voice and data infrastructure be designed to provide exceptional speed and stability tofacilitate their increasing network bandwidth and communications needs."
The BTP/CWL team is the first cooperative venture between the two companies. Previously, the two have worked together in various phases on otherprojects; however, NYBOT is the first official collaboration. Other engagements include Reuters America, State Street Global Advisors, Morgan Stanley & Co and Credit Suisse|First Boston.
Business Technology Partners, an IT consulting firm headquartered in New York City, provides technology strategists, architects, and project managers to design customized solutions for C-level executives in large and mid-level corporations. Bridging the strategic alignment gap through its Virtual CTO program, BTP's IT experts help companies plan relocations, technology upgrades and corporate consolidations. Designing data centers, trading floors, desktop applications, voice systems, LAN/WAN networking, audiovisual and security systems, its strategic expertise has been used by Fortune 1000 companies, financial service firms, hotels, retail spaces and hospitals. Recent and current projects include ABN AMRO, AIG Financial Products Corp., CIBC World Markets, JPMorgan Chase, Memorial Sloan-Kettering Cancer Center, PRIMEDIA, New Line Cinema, New York Life, Reuters America, State Street Global Advisors, and the Wella Corporation.
The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges and their subsidiaries and divisions, NYBOT offers an expanding range of agricultural, currency and index products. Information about the New York Board of Trade can be found at www.nybot.com.
