17 August 2017
visit www.avoka.com

Use of Nybot electronic order routing system hits all-time high

18 February 2004  |  1200 views  |  0

The Electronic Order Routing (EOR) system at the New York Board of Trade® (NYBOT®) hit an all-time usage high today with over 80,000 orders completed since deployment in March 2002.

The cutting-edge system, which allows users to send orders directly to the NYBOT floor via the Internet or their own order routing system, provides faster order flow to the floor, more timely confirmation of trade executions, order tracking and audit trail capabilities.

"NYBOT strives to offer our customers state-of-the-art technology in order to make our form of Open Outcry more efficient," said Charles H. "Harry" Falk, NYBOT's President and CEO. "Our EOR system allows users to quickly send an order from anywhere in the world over the Internet to a clerk on our floor, who can then quickly send back fill information to the customer. Furthermore, users may even see an increase in order flow as a result of the EOR system, as more orders will be coming into a user’s booth, both from the Internet and the phone."

One of the most impressive features of the EOR system is that it can handle a wide range of complex orders, and can accommodate futures, options and sophisticated strategies - the only routing system with the capability.

Mike O'Connor of Iowa Grain Company, which uses the EOR system in all of NYBOT's soft markets, says: "NYBOT's EOR system cuts down on the amount of time involved with orders because they are routed and confirmed quicker. I also like that everything is recorded for reference, so nothing gets lost. The system is very convenient, as a customer can be at home on their PC and send the order directly to the trading floor."

New users who have recently expanded or added use of the system include: R.J. O'Brien, which is using EOR in NYBOT's cotton pits; Cargill Investor Services, which is now using the system in the FCOJ pits, and the Rosenthal Collins Group, which has just signed-up to use the system for its FCOJ orders.

"I use the Automated Trading Card part of EOR and find that it makes my life easier and less complicated," says Jeanette "Gert" Young, a trader on NYBOT's FINEX Exchange. "I have far fewer problems with matches and allocations than do the guys who are using the traditional method. All in all, the system brings the trading floor into the technologically-friendly era."

The EOR system compliments NYBOT’s Automated Trading Card (ATC), a hand-held trading device used by traders in the pit. EOR is now averaging approximately 2,000 orders per week and is deployed in all of the Exchange’s soft commodity products.

The customized routing system lets users have the option of either phoning their orders in to the booth, or sending the order over the Internet directly to the NYBOT trading floor, where floor members then execute the order through the Open Outcry system. The order is then matched, cleared and confirmed. Users can also check the order status very easily. NYBOT's EOR system allows users to access timely market data on the Exchange's SPQR pricing systems. The EOR system is free to NYBOT Members.

NYBOT successfully deployed the EOR system onto its new trading floor at One North End Avenue on Labor Day weekend 2003, when the exchange made the transition to its new home from the backup site in Long Island City, Queens, New York. NYBOT's facilities were located in Four World Trade Center and were destroyed in the September 11th terrorist attacks.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.dorsum.eudownload the paper now

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10288 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9653 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9514 views comments | 8 tweets | 15 linkedin
HSBC automates documentary trade processing with IBMHSBC automates documentary trade processin...
8479 views comments | 6 tweets | 21 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
7959 views comments | 1 tweets | 2 linkedin

Featured job

Competitive base and bonus, plus benefits
London, UK

Find your next job