New York Futures Exchange

New York Futures Exchange (NYFE)
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Founded 1980 (merged into NYBOT 2003)

The New York Futures Exchange (NYFE) traded futures contracts on stock indexes mostly in the small-cap sector until it was subsumed by its overall parent, the New York Board of Trade (NYBOT) in 2003. NYBOT had earlier bought NYFE's owner, the New York Cotton Exchange (NYCE).

History

NYFE began as a subsidiary of the New York Stock Exchange (NYSE) in 1980 and was sold to the New York Cotton Exchange (NYCE) in 1994.[1] The exchange was subject to a Rule Enforcement Review by the Commodity Futures Trading Commission (CFTC) in 1997,[2] although no discplinary procedures followed. A year later the NYCE and the Coffee, Sugar and Cocoa Exchange (CSCE) merged to become the New York Board of Trade (NYBOT), and the NYFE became part of that company. NYBOT was acquired in January, 2007 by the IntercontinentalExchange (ICE), which changed NYBOT's name to ICE Futures.

Up until it was subsumed into NYBOT, the NYFE had been trading mostly small-cap and more niche-market futures contracts, including e-mini Russell 1000 and Russell 2000, NYSE Small Composite Index and Reuters CRB Index.[3]

Becoming NYBOT

On Aug. 1, 2003 NYFE's active contracts were transferred to NYCE and then in June 2004 to NYBOT itself, eliminating both exchanges. The NYBOT defined the NYFE's products as 'index contracts' to allow for delisting them and then exchanged all NYFE memberships for 'FINEX' memberships.[4] These allowed former NYFE allow members to trade both NYBOT's 'financial contracts' and the NYFE's 'index contracts.'

References

  1. Trading Organizations. CFTC.
  2. CFTC Notifies the New York Futures Exchange of the Results of a Rule Enforcement Review. CFTC.
  3. NYFE Exchange Futures List. CSIdata.com.
  4. NYBOT To Consolidate New York Futures Exchange. NYBOT.
Last modified on 19 March 2017, at 07:54