Rolfe & Nolan Systems Inc., the leading supplier of global straight through processing (STP) solutions to the futures industry, recently completed testing of the EOR system and is in the process of connecting the EOR system to their RANorder client FCMs (Futures Commission Merchants). RANorder is Rolfe & Nolan's fully automated order entry and management system specifically designed to handle a firm's functional requirements for remote client order entry, pre-trade order risk control, order management and transaction routing.
"NYBOT's EOR system provides an array of new benefits to its users, such as faster order flow to the floor, more timely confirmation of trade executions, order tracking and audit trail capabilities, and a reduction in errors," said Jim Birney, chief financial officer of Rolfe & Nolan Systems Inc. "We're very excited about this system and the value it will add to the way our clients do business, not to mention the potential cost savings it may give them."
NYBOT has received praise for the system's unique ability to handle a wide range of complex orders; it can accommodate futures, options and sophisticated strategies -- the first system of its kind to do so. The EOR system has to date successfully logged over 19,000 orders placed with over 7,000 orders filled since March 2002.
Orders can be sent to the NYBOT trading floor via the NYBOT Graphic User Interface (GUI), a proprietary order routing system, or a 3rd party order routing system. Orders can be sorted by time received, commodity, buy/sell or customer account order. Telephone orders, which are the traditional method of placing an order at NYBOT, can be entered into the routing system from EOR-capable floor booths using a 15-inch touch screen monitor that is connected to a networked personal computer.
"The Exchange's EOR system, which is the only system in the world that can handle every type of complex trade, uses cutting-edge technology to make our form of open outcry more efficient, as well as help to increase volume and support the industry's straight through processing objectives," said Patrick Gambaro, Interim Chief Operating Officer of NYBOT. "Companies such as Rolfe & Nolan are helping NYBOT meet the challenges of the new trading era head-on, and we appreciate their effort in this cause."
NYBOT is offering EOR services to its members free of charge.
EOR users can also get a connection to NYBOT's SPQR pricing systems, which allows users to access timely market data.
NYBOT also plans to implement the EOR system in its soon-to-be determined permanent home. The Exchange survived the complete destruction of its Four World Trade Center trading facility in the September 11th terrorist attacks and has been operating out of a temporary location in Long Island City, Queens, New York.
Rolfe & Nolan is listed on the London Stock Exchange and has offices in London, Chicago, New York, Singapore, Hong Kong, Sydney, Milan and Frankfurt and supports over 250 bank, brokerage and exchange clients in 20 countries. www.rolfeandnolan.com.
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.
