Formation ; this structure was demolished in 1922 to make way for another structure for the NYCE. , this building was revolutionary in many ways." The NYCE was founded in 1870 by a group of one hundred
cotton brokers and merchants, and is the oldest
commodities exchange in the city. In the spring and summer of 1870, a group of cotton merchants and brokers doing business in New York began planning an improvement on their "loose and informal association of persons active in the cotton trade," spending weeks preparing to create an association that was governed by rules and "equally fair to all" in its cotton dealings. In the middle of August 1870, the forming organization voted for officers and managers, and the Exchange was organized officially on September 7, 1870. The Exchange earned a charter from the State of New York and its legislature on April 8, 1871. The NYCE moved to 1 Hanover Square on May 4, 1872. Well into the 20th century, cotton was a leading American commodity for both export and domestic consumption. In that era, other major exchanges existed in the United States. Several were founded within a few years of the founding of New York Cotton Exchange: the
New Orleans Cotton Exchange, the
Mobile Cotton Exchange, the
Memphis Cotton Exchange, and the
Savannah Cotton Exchange. Another important exchange was the
Liverpool Cotton Exchange in
Liverpool,
England. The NYCE and the Memphis Cotton Exchange are the only organizations of that group still active today.
Cotton Year Book and subsidiaries Annually until 1958, the NYCE published the
Cotton Year Book, which contained the year's statistics on the cotton industry. Over the years, the NYCE created various subsidiaries to trade non-cotton contracts, including the
Wool Associates, the
Citrus Associates, the
Tomato Products Associates, and the
Financial Instruments Exchange (FINEX). The exchange diversified its product line over the years to also deal in wool and orange juice futures. In 1985 the NYCE began dealing in financial futures and options.
Subsidiary of ICE In 1998, the
New York Board of Trade (NYBOT) became the parent company of both the New York Cotton Exchange and the
Coffee, Sugar and Cocoa Exchange (founded 1882). It is now owned by
IntercontinentalExchange (ICE). The New York Cotton Exchange was a tenant on the 8th floor of
4 World Trade Center until September 11, 2001. Following the
terrorist attacks that day, it had to relocate to temporary facilities in
Long Island City that had been set up as an emergency backup location following the 1993
World Trade Center bombing. Since 2003, its headquarters and trading facility have been in the
New York Mercantile Exchange Building in
lower Manhattan. ==See also==