ELECTRONIC COTTON FUTURES TRADE REPLACE OPEN-OUTCRY

摘要

Open-outcry trading in cotton futures at the Intercontinental Exchange (ICE, formerly NYBOT and NYCE) with a history going back to 1870, ended on February 29, 2008. Electronic trading in the U.S. cotton futures contract became the only method of trading and price discovery available as of March 2008. Electronic trading in cotton futures started to play a prominent role in the cotton market in 2007. The ICE, the electronic energy marketplace, acquired the New York Board of Trade (NYBOT) on January 12,2007. The ICE is a for-profit, publicly traded corporation. Starting February 2, 2007 side-by-side electronic trading of NYBOT commodities' contracts was launched on the ICE electronic trading platform. NYBOT contracts offered for electronic trading included cocoa, coffee, cotton, orange juice and sugar. Electronic trading in options on cotton futures contracts started on March 28, 2008, and open-outcry trade in options still continues at the floor of the exchange.