R. J. O’Brien

NYBOT Softs Side by Side Info

CAT Symbol
Pit / ICE / NYBOT/ICE hours*
Cotton / CT / ICT / 6am-2:15pm CST*
Sugar #11 / SB / ISB / 6am-2:15pm CST*
Sugar #14 / SE / ISE / 6am-2:15pm CST*
Cocoa / CC / ICC / 6am-2:15pm CST*
Coffee / KC / IKC / 6am-2:15pm CST*
OJ / OJ / IOJ / 6am-2:15pm CST*

Beginning Friday February 2, 2007 the NYBOT will be listing their soft commodities on the ICE electronic trading platform. This move has been pushed back twice, but as it stands now the scheduled start of side-by-side trading will begin at 6am Central Time on Friday Feb.2 and will last until 2:15. Unlike the NYMEX softs, these contracts are deliverable and are fully fungible with the current NYBOT products. Previously it was announce that the trading hours would be a 22 hour day, however those hours have changed, at least for the short term.

Order Types:

Limits and market order are the only order types the ICE platform currently supports. Stops are currently not supported. Also, all orders are day orders. The exchange does not support GTCs currently.

Quotes / Time and Sales:

Although the electronic and pit contracts are fungible, they are traded on separate platforms and will have different market data. Bid/Asks, Last, Highs, Lows, and Time and Sales will be unique to the corresponding market. This will be a similar set-up to the treasury products, currencies, eurodollars, and even livestock.

Firm Defaults:

When phoning our trading desks during the daytime hours, we will be entering the orders into open outcry, unless prompted to enter the order on ICE. If the volume and open interest increase to over 50% being executed on ICE, we will reevaluate, but on February 2 our soft orders will -be entered into the pit. When calling the Retail Order Desk, we will default to the pit at all times, unless requested to do otherwise.

When calling the Global Desk (24 hour desk), we will initially default to the floor as well. When and if the hours expand we will reevaluate.

Electronic order entry is based off of the symbol entered. If the pit symbol is entered the order will be routed to the open outcry pits. If the electronic symbol is entered the order will flow to Globex.

Liquidity:

The liquidity for these products is expected to come solely from market participants. Locals on the NYBOT floor are expected to make markets electronically, so liquidity should come from them as well as customer orders.

Error Trades:

When an error trade occurs, it is the responsibility of the party involved to notify RJO, who then needs to notify the exchange. These trades must be reported within 5 minutes of the trade occurring. When a trade occurs outside a predetermined range the exchange reserves the right to cancel trades made in error. Any trade that occurs inside of their “No Cancellation Range” will not be considered. We have attached a copy of their Error Trade Policy.

For more information you can visit or You can also call the following people for more information: