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“R.J. O’Brien is very concerned with giving our customers the best service and value we can provide,” said Colleen Mitchell, President of R.J. O’Brien. “By having our brokers use NYBOT’s Order Book Management System (OBMS) on a wireless, handheld device while standing in the pit, our customers can now have their fill information routed back to them at practically the same instant the order is filled via open outcry in one of NYBOT’s trading pits.”
Upon entry of the order fill information into NYBOT’s OBMS application, the order originator is notified electronically of the order fill, and at the same time, the trade matching necessary for end-of-day checks and the trade clearing processes is initiated.
“This is another illustration of the continued success of NYBOT’s use of technology to make our form of open outcry more efficient,” said C. Harry Falk, NYBOT President and CEO. “We are committed to enhancing open outcry by making it more efficient and competitive by using technology such as OBMS -- we encourage other FCMs and brokers to take a look at what this system has to offer.”
The OBMS works in conjunction with NYBOT’s Electronic Order Routing (EOR) system, which has also been successfully deployed on NYBOT’s trading floor, and which allows an FCM or broker to send an order directly to a broker’s booth on the trading floor. That order then can be routed to a floor trader using a wireless handheld device, which is currently the DT Research WebDT 368XP Wireless Digital Tablet. Once the order has been filled, the trader automatically sends information to both the clerk and NYBOT’s Trade Input Processing System (TIPS).
The first EOR order was sent on Tuesday, July 23, 2002, by R.J. O’Brien to Warren Seeley, a broker in NYBOT’s Frozen Concentrated Orange Juice (FCOJ) pit. RJO also routes their sugar, cocoa, cotton, and FCOJ orders to the Exchange via the EOR system.
Because EOR is connected to NYBOT’s pricing system, users can access timely market data. NYBOT’s system also has the unique ability to handle most complex order types as well as all active products and contract months.
Founded in 1914, R.J. O'Brien (RJO) is a privately owned Futures Commission Merchant (FCM). RJO is one of the oldest and well-known independent futures brokerage firms in the industry and is a clearing member of the New York Board of Trade, a founding clearing member of the Chicago Mercantile Exchange (CME), a full clearing member of the Chicago Board of Trade Exchange (CBOT), the New York Mercantile Exchange (NYMEX) and the Commodity Exchange of New York (COMEX). RJO offers the latest in order entry technology coupled with 24-hour execution and clearing on every futures exchange worldwide. RJO services a nationwide network of over 185 introducing brokers, as well as some of the world's largest financial, industrial and agricultural institutions.
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.
