New York - The New York Board of Trade (NYBOT), recently signed an historic lease agreement with the New York Mercantile Exchange, Inc. (NYMEX), to move into its building in the World Financial Center.
The NYBOT, which lost its entire 4 World Trade Center (WTC) trading facility in the September 11th terrorist attacks, has operated successfully out of its back-up facility in Long Island City, Queens, New York, since that time. The Empire State Development Corporation and the New York City Economic Development Corporation recently granted NYBOT $23.3 million in aid as well as sales tax relief to help in the rebuilding of its trading facility in the Downtown Financial District.
The two exchanges have entered into a 10-year lease on more than 58,000 square feet of trading and office space. NYBOTís new trading floor, scheduled to open in September 2003, will be shared with the Comex Division of NYMEX. It will cover roughly 13,100 square feet and contain 13 trading pits, similar to NYBOTís original WTC trading floor. The exchange has embarked on a multi-staged plan to first rebuild the Comex Divisionís pits and booths, and secondly build NYBOTís new trading floor, both using the latest in floor and booth technologies.
NYBOTís trading facilities, back offices and data center were completely destroyed in the September 11th attacks. While the exchange headquarters was evacuated immediately after the first plane hit the North tower, four members of NYBOT lost their lives in other buildings in the Trade Center complex. Because the Exchange had established an emergency backup facility after the 1993 bombing of the World Trade Center, NYBOT was the first trading floor to re-open on September 17th. While operating out of its back-up facility, the NYBOT has seen its volume grow by 17% over the last year.
NYMEX moved into its headquarters in July 1997. After September 11th, the exchange was the first in New York to reopen trading when it launched its web-based NYMEX ACCESS trading system on September 14th, and the first business to reopen west of Ground Zero, when it resumed floor trading on September 17th.
The New York Mercantile Exchange is the largest physical commodity exchange in the world. The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). NYBOT offers agricultural, currency and index products.