The New York Board of Trade (NYBOT), a futures and options commodities exchange, and InterCommercial Markets Corp., an Internet-based provider of B2B trading, information and communications services to the global physical commodities industry, announced their plan to establish joint marketing and technology efforts for commodities trading on the Internet, with green coffee as the first market.
InterCommercial, (www.intercommercial.com), has developed an online physical market and service portal for the global green coffee industry. Its web-based software streamlines and automates the current trading methods of physical commodity professionals. As part of the joint venture, NYBOT would provide InterCommercial and its customers with market data, physical grading and other services, as well as seamless access to NYBOT’s electronic order entry system or, in time, its eSpeed electronic trading platform to trade NYBOT’s coffee futures contract.
“Together, NYBOT and InterCommercial have the potential to reach out and deliver comprehensive trading services to both sides of the coffee market, and, over time, to more commodity markets, like cocoa and sugar, that are of interest to an even broader commodities business community,” stated Mark D. Fichtel, NYBOT president and c.e.o.
InterCommercial, was founded in 1999 and has strong backing from strategic partners, Mercon Coffee Corp. and E.D. & F. Man, Ltd.
The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar & Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges and thei subsidiaries and divisions, NYBOT offers a variety of agricultural, financial and index products. It can be found on the web at www.nybot.com.