New York Cotton Exchange
Encyclopedia
The New York Cotton Exchange (NYCE) was a commodities exchange founded in 1870 by a group of one hundred cotton
brokers and merchants at 1 Hanover Square
(later known as India House) in New York City
.
in the city. 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.
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). 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).
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
.
Cotton
Cotton is a soft, fluffy staple fiber that grows in a boll, or protective capsule, around the seeds of cotton plants of the genus Gossypium. The fiber is almost pure cellulose. The botanical purpose of cotton fiber is to aid in seed dispersal....
brokers and merchants at 1 Hanover Square
1 Hanover Square
1 Hanover Square, formerly known as the New York Cotton Exchange building and as India House, is on the southern edge of Hanover Square in lower Manhattan in New York City.- History :...
(later known as India House) in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
.
History
The cotton exchange is the oldest commodities exchangeCommodities exchange
A commodities exchange is an exchange where various commodities and derivatives products are traded. Most commodity markets across the world trade in agricultural products and other raw materials and contracts based on them...
in the city. 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
New Orleans Cotton Exchange
The New Orleans Cotton Exchange was established in New Orleans, Louisiana, in 1871 as a centralized forum for the trade of cotton. It operated in New Orleans until closing in 1964...
, the Mobile Cotton Exchange
Mobile Cotton Exchange
The Mobile Cotton Exchange was a commodities exchange that operated from 1871 until 1942 in the Alabama port city of Mobile to enable key local cotton factors and merchants to maintain control over cotton sales, warehousing, and shipping from Mobile Bay. It was the third cotton exchange founded in...
, the Memphis Cotton Exchange
Memphis Cotton Exchange
The Memphis Cotton Exchange is located in downtown Memphis, Tennessee, USA, on the corner of Front Street and Union Avenue. It was founded in 1874 as a result of the growing cotton market in Memphis. Cotton merchants of the time became aware of the need for a trade organization to regulate cotton...
, and the Savannah Cotton Exchange. Another important exchange was the Liverpool Cotton Exchange in Liverpool
Liverpool
Liverpool is a city and metropolitan borough of Merseyside, England, along the eastern side of the Mersey Estuary. It was founded as a borough in 1207 and was granted city status in 1880...
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
. The NYCE and the Memphis Cotton Exchange are the only organizations of that group still active today.
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). In 1998, the New York Board of Trade
New York Board of Trade
The New York Board of Trade , renamed ICE Futures US in September of 2007, is a wholly owned subsidiary of IntercontinentalExchange . It is a physical commodity futures exchange located in New York City. It originated in 1870 as the New York Cotton Exchange...
(NYBOT) became the parent company of both the New York Cotton Exchange and the Coffee, Sugar and Cocoa Exchange
Coffee, Sugar and Cocoa Exchange
The Coffee, Sugar and Cocoa Exchange was founded in 1882 as the Coffee Exchange in the City of New York. Sugar futures were added in 1914, and, on September 28, 1979, the New York Coffee and Sugar Exchange merged with the New York Cocoa Exchange to form CSCE...
(founded 1882).
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
September 11, 2001 attacks
The September 11 attacks The September 11 attacks The September 11 attacks (also referred to as September 11, September 11th or 9/119/11 is pronounced "nine eleven". The slash is not part of the pronunciation...
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
New York Mercantile Exchange
The New York Mercantile Exchange is the world's largest physical commodity futures exchange. It is located at One North End Avenue in the World Financial Center in the Battery Park City section of Manhattan, New York City...
Building in lower Manhattan
Lower Manhattan
Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York...
.