The New York Board of Trade (NYBOT) voted at its June 14th Board meeting to close its dairy
futures and options markets. In order to minimize market disruption, NYBOT will delist the Milk
Index regular and large futures and options contracts as follows: first, no new months will be listed
for trading and all months that now have an open interest of zero will be delisted; second, when open
interest in a contract month becomes zero, that month will be immediately delisted. In addition, the
Board extended the Market Maker program through December 15, 2000 to provide an orderly
market while traders close out positions. The extension of the Market Maker program will help to
provide the liquidity needed to wind down the market. The Board action delisting the contracts
requires approval by the Commodity Futures Trading Commission (CFTC) before implementation.
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 exchanges
and their subsidiaries and divisions, which include Citrus Associates, FINEX and the New York
Futures Exchange (NYFE), NYBOT offers a variety of agricultural, financial and index products.
The Cantor Exchange (CX), a joint venture with eSpeed, Inc., provides the first full-time, electronic
market for U.S. Treasury and Agency futures.
