As trading volume and open interest soared, particularly in the last four months of the year, old records fell in several different markets. For example, total futures trading set a separate new annual record of 18,882,048 contracts and total options trading matched that achievement with a new annual record of 6,010,110. The new all-time monthly total volume record of 2,576,173 was set in September and was followed by numerous new highs in individual markets for daily or monthly volume and open interest. New annual records were also established for cotton and coffee combined futures and options volume.
The total annual volume record of 24,832,158 represents a 19% increase over 2002 (20,928,479 contracts).
Total 2003 futures volume (new annual record) increased 16% (2003 = 18,822,048 vs. 2002 = 16,272,144). Ag futures (new annual record) were up 16% (2003 = 16,302,811 contracts vs. 2002 = 14,019,762 contracts), and Currency futures rose 30% (2003 = 1,775,934 vs. 2002 = 1,362,409).
Total options volume (new annual record) jumped 29% (2003 = 6,010,110 vs. 2002 = 4,656,335). Ag options (new annual record) rose 29% (2003 = 5,868,441 vs. 2002 = 4,534,264). Index options had a 19% increase (2003 = 110,079 vs. 2002 = 92,214).
Some December volume increases include:
- Coffee: Coffee "C" futures (new annual record) saw an 18% increase (2003 = 3,211,031 vs. 2002 = 2,718,508)
- Coffee: Coffee "C" options also experienced an 25% rise (2003 = 1,328,081 vs. 2002 = 1,063,090)
- Sugar: Sugar #11 futures (new annual record) had a 16% rise (2003 = 7,140,724 vs. 2002 = 6,173,756)
- Cocoa: Cocoa futures was 19% up month-to-month (Dec. 2003 = 135,857 vs. Dec. 2002 = 114,270 contracts)
- Cotton: Cotton futures was 30% over 2002 (2003 = 3,035,992 vs. 2002 = 2,327,960)
- Cotton: Cotton options (new annual record) was 84% higher than 2002 (2003 = 2,157,441 vs. 2002 = 1,171,843)
- FCOJ: FCOJ futures rose 13% (2003 = 652,715 vs. 2002 = 577,757)
- USDX: the US Dollar Index futures had a 37% increase (2003 = 563,032 vs. 2002 = 411,571)
- Reuters CRB: the index's futures contract was up 62% (2003 = 23,156 vs. 2002 = 14,283)
The full NYBOT Monthly Volume and Open Interest Report is available at www.nybot.com.
"We are extremely proud of the banner year we've had here at the New York Board of Trade," said NYBOT Chairman Frederick W. Schoenhut. "The historic achievements in 2003 represent the combined efforts of our membership, staff, market users, vendors, local, state and federal government officials as well as the New York Mercantile Exchange. We are thankful to all who contributed on so many levels to the impressive trading activity that helped set the many records, as well as to the building of the new trading floor and back office operations and the move of our entire trading operation back to Lower Manhattan on-schedule and on-budget. In addition, while meeting the challenges of rebuilding the exchange, NYBOT successfully launched several other major projects and innovative services throughout the year."
A sampling of the services introduced in 2003 includes:
- Going online November 18th, the exchange's eCOPS system represents the evolution of the Commodity Operations Processing System (COPS) into an innovative electronic platform for the full automation of coffee and cocoa deliveries. The USDA named NYBOT's eCOPS, LLC, as the first official "Provider" of the Electronic Warehouse Receipt (EWR) for coffee under the United States Warehouse Act.
- The new NYBOT grading facility opened on October 29, a short distance from the exchange's new home in the NYMEX building. The state-of-the-art facility allows the exchange to resume its position as the premiere provider of coffee and cocoa grading.
- Introduced in March of 2003, NYBOTLIVE is a real-time market data service sent directly over the Internet, and offers sophisticated charts, options and spread screens for a modest fee (delayed data is free).
- The OnExchange clearing system is now in the first testing cycle of the planned transition to Extensible Clearing System (ECS) platform at NYBOT. The new system is aimed at increasing the speed and efficiency of clearing operations and reducing costs to members.
- In April, NYBOT's educational services added a valuable new tool with the introduction of the CD-based "RISKMASTER" trading simulator. The new instructional package helps potential hedgers/traders and professionals learn more about and experience the trading of coffee futures and options.
In spite of the September 11 terrorist attacks, NYBOT continued to build and implement its Electronic Order Routing (EOR) system in Long Island City and the new facility in the World Financial Center. The system allows users to send all types of orders over the Internet directly to the trading floor, which are executed by a NYBOT member through open outcry, and then matched, cleared and confirmed.
On September 2, 2003, NYBOT moved into it's new home in the New York Mercantile Exchange (NYMEX) building at One North End Avenue. The exchange was located in the World Trade Center and had been operating out of its backup site in Long Island City, Queens, New York. It has leased over 48,000 square feet of space, of which 13,100 square feet are on a new state-of-the-art trading floor.
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, NYBOT offers an expanding range of agricultural and financial products. Information about the New York Board of Trade can be found at www.nybot.com and www.nybotlive.com.
