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For the July Cocoa delivery on the Exchange, all deliveries, new sampling and weighing will be accomplished using the electronic documents. Paper warehouse receipts will no longer be valid for Exchange delivery commencing with the July 2005 contract. The eCOPS team is assisting all current holders of warehouse receipts for Exchange cocoa to convert the paper receipts into the EWR format.
“The development of eCOPS demonstrates the NYBOT commitment to provide higher levels of service to our underlying commodity industries through our cutting edge technology,” said C. Harry Falk, NYBOT President and CEO. “Now that the cocoa industry has joined coffee in our exclusive electronic commodity operations processing system, others in the commodity world will recognize the success of eCOPS and will want to reap the many benefits it offers.”
The eCOPS registration process is simple, free and provides full access to the many capabilities and features of the system. Users of eCOPS only pay a small charge for documents created by the web-based platform. Warehousemen, weighers, FCMs and cocoa dealers have participated in training sessions and system testing.
For more than ten years, NYBOT’s Commodity Operations Processing System (or COPS) managed coffee and cocoa deliveries for the Exchange. Both the cocoa and the coffee industries represent logistically complex and far-reaching supply chains that require significant numbers of manually processed document presentations. The World Trade Organization (WTO) estimates the overall cost of documentation for all international trade to be $420 billion or seven percent of total trade costs.
The eCOPS handles electronic versions of warehouse receipts, delivery orders, sampling orders, weight notes, invoices, and insurance declarations. Other electronic documentation capabilities including a bill of lading are being developed.
On November 13, 2003, the United States Department of Agriculture (USDA) designated eCOPS as the first official “Provider” of Electronic Warehouse Receipts (EWR) for coffee under the United States Warehouse Act, and on January 22, 2004, the NYBOT first transferred coffee delivery to eCOPS.
New eCOPS users must fill out an eCOPS application and sign a User Agreement. To receive an application and user agreement, please contact:
The New York Board of Trade
Attn: Marie Stendardo
39 Broadway
New York, NY 10006
mstendardo@nybot.com
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, pulp 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.
