New York Cotton Exchange
| NYCE | |
 |
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| Type | Commodities exchange |
|---|---|
| Location | New York City, United States |
| Founded | 1870 |
| Closed | Active |
The New York Cotton Exchange (NYCE) is a commodities exchange founded in 1870 by a group of one hundred cotton brokers and merchants at 1 Hanover Square in New York City. In 1998, the New York Board of Trade (NYBOT) became the parent company of both the New York Cotton Exchange, and it is now owned by IntercontinentalExchange (ICE). Since 2003, its headquarters and trading facility have been in the New York Mercantile Exchange Building.
The NYCE was founded in 1870 by a group of one hundred cotton brokers and merchants, and is the oldest commodities exchange in the city. In the spring and summer of 1870, a group of cotton merchants and brokers doing business in New York began planning an improvement on their "loose and informal association of persons active in the cotton trade," spending weeks preparing to create an association that was governed by rules and "equally fair to all" in its cotton dealings. In the middle of August 1870, the forming organization voted for officers and managers, and the Exchange was organized officially on September 7, 1870. Founding president was Stephen D. Harrison.
The Exchange earned a charter from the State of New York and its legislature on April 8, 1871. It was first located at 1 Hanover Square (later known as India House) in New York City.
Well into the 20th century, cotton was a leading American commodity for both export and domestic consumption. In that era, other major exchanges existed in the United States. Several were founded within a few years of the founding of New York Cotton Exchange: the New Orleans Cotton Exchange, the Mobile Cotton Exchange, the Memphis Cotton Exchange, and the Savannah Cotton Exchange. Another important exchange was the Liverpool Cotton Exchange in Liverpool, England. The NYCE and the Memphis Cotton Exchange are the only organizations of that group still active today.
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