The New York Board of Trade (Nybot) has deployed its electronic order routing (EOR) system in all five of its soft commodities.
The customised system allows users to send orders directly to the trading floor, which are executed through open outcry before being matched, cleared and confirmed.
STP solutions vendor Rolfe & Nolan Systems Inc, is in the process of connecting its RANorder client FCMs (Futures Commission Merchants) to the EOR system.
RANorder is an automated order entry and management system specifically designed to handle requirements for remote client order entry, pre-trade order risk control, order management and transaction routing.
Jim Birney, CEO, Rolfe & Nolan, says: "Nybot's EOR system provides an array of new benefits to its users, such as faster order flow to the floor, more timely confirmation of trade executions, order tracking and audit trail capabilities."
Orders can be sent to the trading floor via the Nybot graphic user interface (GUI) or a proprietary or third party order system. In addition, telephone orders can be entered from floor booths using a touch screen monitor that is connected to a networked personal computer.
Patrick Gambaro, Interim COO, Nybot, says the system can handle every type of complex trade, helps to increase volume and support the industry's straight through processing objectives.