New York Futures Exchange
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| New York Futures Exchange (NYFE) | |
| |
| Founded | 1980 (merged into NYBOT 2003) |
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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, and a year later the NYFE became part of NYBOT when it was formed by the merger of NYCE and the Coffee, Sugar and Cocoa Exchange (CSCE).
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
- ↑ Trading Organizations. CFTC. Retrieved on May 28, 2008.
- ↑ CFTC Notifies the New York Futures Exchange of the Results of a Rule Enforcement Review. CFTC. Retrieved on May 28, 2008.
- ↑ NYFE Exchange Futures List. CSIdata.com. Retrieved on May 28, 2008.
- ↑ NYBOT To Consolidate New York Futures Exchange. NYBOT. Retrieved on May 28, 2008.
