Most commodity industries have logistically complex and far-reaching supply chains that require significant numbers of manually processed document presentations. 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.
The eCOPS has already provided extensive electronic documentation for coffee deliveries both on and off the Exchange, and cocoa deliveries are currently coming online. The process begins with the conversion of a paper warehouse receipts to an eCOPS Electronic Warehouse Receipt (EWR). The eCOPS team assists holders of paper warehouse receipts for Exchange commodities in the process of changeover to the EWR format. Once the conversion is complete paper receipts are no longer used for Exchange delivery.
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 on November 13, 2003, and on January 22, 2004, the NYBOT first transferred coffee delivery to eCOPS.
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.
