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New York Board of Trade (NYBOT)

A physical commodity futures exchange located in New York City

Written by

CFI Team

Published June 18, 2023

Updated July 7, 2023

What is the New York Board of Trade (NYBOT)?

Founded and established in 1870, the New York Board of Trade (NYBOT) is a physical commodity futures exchange. The NYBOT is located in New York City and trades futures and/or options on currencies, interest rates, market indexes, coffee, cotton, orange juice, cocoa, and sugar. It later became part of the Intercontinental Exchange (ICE) in 2006.

In its earlier years of operation, the NYBOT made use of human traders to carry out commodities trading. The trades would be found on trading floors. Currently, a greater portion of NYBOT’s trades is conducted digitally and electronically via computers.

Summary

The New York Board of Trade is a physical commodity futures exchange.

The NYBOT is located in New York City and trades futures and/or options on currencies, interest rates, market indexes, coffee, cotton, orange juice, cocoa, and sugar.

Companies that trade on NYBOT employ brokers, and the brokers are sent to the trading floor to facilitate trades. On the trading floor, futures contracts are traded in order to purchase or sell currencies, commodities, and other instruments, at predetermined prices and predetermined dates in the future.

History of the NYBOT

Upon being founded, the NYBOT’s trading was mainly conducted by humans. In 1997, the NYBOT acquired the Coffee, Sugar, and Cocoa Exchange (CSCE). The move increased their presence and position in the trading market. In 2006, ICE then purchased the joint entities. In 2007, the NYBOT was renamed to ICE Futures U.S. The NYBOT trading floor is regulated by the CFTC.

How the NYBOT Works

Companies that trade on the NYBOT make use of brokers, and the brokers are sent to the trading floor to facilitate trades. On the trading floor, futures contracts are traded in order to purchase or sell currencies, commodities, and other instruments at predetermined prices and predetermined dates in the future.

It means that companies that are reliant on certain commodities can purchase them at predetermined prices for a future delivery date. The date can be in future weeks, months, or years. It gives companies the capacity to determine the cost of their raw materials.

The contracts are exchanged in a “trading room” (also referred to as a “trading pit”). The traders in the pit determine future rates in such fast-paced markets.

It is very important to remember that investors involved in the futures contracts are not buying the agricultural commodity but are rather trading the contracts which allow for control of the underlying asset. What is really exchanged is money (cash).

Importance of the NYBOT

The NYBOT provides a means for investors to achieve leverage. Futures and options contracts allow for the creation and deployment of leverage, which can result in either substantial wins or losses for the investors.

The NYBOT keeps a post margin requirement of 5%. The post margin is needed from the investor to make the trade. Hence, the investor only needs to pay 5% of the contract value to trade.

In addition, with the ability of traders to make use of market forces to reach realistic price expectations for certain commodities and other financial instruments, the NYBOT provides a means for smoothing market imbalances.

Finally, with the small post margin requirement, an investor is granted considerable control of an underlying asset. With prices that fluctuate quickly and higher than 5%, the investor only holds a small stake, thereby providing leverage.

The NYBOT in the Real World

The ICE, which acquired the NYBOT, currently functions and trades digitally and electronically via computers. It allows quick transactions and trades between market participants. The move, in conjunction and support of a new digital era, brought about an increase in market sizes and transactional volumes. Being an international marketplace, the ICE provides traders with a platform to trade in various commodities, ranging from agricultural commodities to derivative products.

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Guide To Balance Of Trade And Balance Of Payments

What is Trade Deficit?

The negative difference between a country’s Exports and Imports of goods and services in money terms is known as the trade deficit, and it is a part of the trade balance component of the balance of payments of the country for a period of time. As it is measured over a period of time, it is termed a flow variable in the study of Economics.

Understanding the Balance of Payments

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a) Current Account

It is the net of the country’s income or payments and has the following components.

Balance of Trade: The difference between receipts’ monetary value from exports and payments for imports. In the Aggregate output equation used in Economic theory, it is symbolized by ‘NX’. If Exports value more, then we have a trade surplus; otherwise, we have a trade deficit.

Factor Income: The difference between interest and dividends received from foreign investments of the country and that paid to the foreign investors who have invested in the country.

Transfer Payments: This is the money sent back home by the country’s population working abroad. These are unilateral or one-directional, i.e. there are no goods or services provided in return for the same.

b) Capital Account

Investments in Assets: In the current account, we record the income from and to the foreign asset investments while the actual investment is recorded under the capital account, for example, the purchase of foreign company’s stock or bonds or Greenfield investments, and the reverse of the same made by foreign investors in the domestic assets.

How does Trade Deficit work?

We need to understand the factors affecting the balance of trade:

1. Cost of Factor Inputs 2. Exchange Rates

In international trade, if a domestic currency is depreciated, it is a plus because the foreign consumer’s purchasing power increases as one unit of foreign currency is capable of buying more units of foreign goods. Therefore the exports get a boost leading to a contraction of deficit or widening of surplus.

3. Taxes, Sanctions, Tariffs, Quotas

All of these policies restrict the flow of goods between two countries, and if these are imposed, they lead to a deficit for the exporting country and a surplus for the importing country. One of the reasons for such impositions is to boost the domestic economy.

4. Quantum of Forex Available

For importing countries, the amount of Forex it possesses becomes significant because it cannot import goods unless and until it is in a position to pay for those goods. At times countries enter into a deal of making the exchange in domestic currency instead of using a third party exchange currency such as USD. It is easier to import in such cases because a country has greater flexibility over the amount of its own currency available in circulation. Recently, in 2023, India got into a deal to purchase Iranian oil and pay for it in Indian National Rupee; later on, the US imposed sanctions; however, such contracts are quite prevalent.

5. Business Cycle

In the economic boom or expansion phase, the exporting countries show a surplus or a contraction of the deficit, while importing countries show a deficit or contraction of the surplus. The vice versa is true during the recession.

Example of Trade Deficit

The imports in September fell by $4.4 billion while exports fell by $1.8 billion. One of the major contributors to this decrease was the Auto industry, where the import of parts and export of parts, vehicles, and engines decreased by approximately $1 billion each. That is concurrent with the current slowdown in the auto sector as a whole. Apart from this, the decline in consumer goods imports was significant at $2.5 billion. This deficit has widened by approximately 24.8 billion, i.e. about 5.4% from the last year’s deficit of the same period. The next release is scheduled for December 5th for the month of October 2023.

Advantages of Trade Deficit

Greater Investments: FDI and FPI are part of the capital account, and if the current account has a deficit, the capital account shows a surplus; therefore, the countries with greater trade deficit may experience a greater inflow of investments as interest rates increase in such an environment. This is sometimes referred to as the self-correcting nature of the Trade deficit. However, it is more of a theoretical concept than a real phenomenon.

Negatively Impacts GDP: As per Economic theory, the GDP = C + I + G + NX, where C stands for consumption, I for investments, G for government expenditure, and NX for Net exports or the balance of trade. If NX is positive, it will increase the GDP, while if negative; it will decrease the GDP.

Domestic Unemployment: Greater imports imply that foreign-produced goods are cheaper as compared to domestically produced ones. This would lead to a reduction in domestic production and, therefore, greater unemployment.

Currency Depreciation: To import more, the country needs to sell its own currency in exchange for foreign currency to be able to pay for the imports. This increases the supply of domestic currency in the international market and increases the demand for foreign currency, leading to an appreciation of the foreign currency and the simultaneous depreciation of the domestic currency. This can also lead to inflationary pressures for the domestic population as the currency declines its purchasing power of the currency.

Dutch Disease: In simple terms, if the resources of a country are concentrated on one sector where it has a comparative example, only that sector grows, and others don’t, so the dependency on one product becomes very high. An example is Middle-east countries’ dependency on oil exports.

Conclusion Recommended Articles

Nfts Were A Common Thread Throughout New York Fashion Week 2023

Later today, the 2023 edition of New York Fashion Week is coming to a close. Throughout the five-day event, we saw some of the biggest names in fashion like Michael Kors, Tory Burch, Tommy Hilfiger, and Tom Ford debuting their newest looks for 2023 and beyond. But the underlying theme tying all the exhibitions held at NYFW? Web3.

The fashion industry has dipped its toes into Web3 and NFTs in the past few months. For instance, the modeling agency Photogenics launched a metaverse-ready avatar division earlier this month. Additionally, Gucci branches began accepting crypto payments in August. And, at this year’s New York Fashion Week, attendees were offered a glimpse of the fashion industry’s Web3-focused future. So here’s a quick roundup of some of the most notable Web3-forward projects announced at this year’s New York Fashion Week.

Afterpay’s ‘Keys’ to New York Fashion Week 2023

For those wondering how to get into this year’s New York Fashion Week, Australian fintech company AfterPay came up with a way to make it more accessible: NFT “keys” to this year’s festivities. For this year’s NYFW, AfterPay collaborated with five fashion designers to create NFT “keys” that doubled as access passes to exclusive IRL experiences at this notoriously difficult-to-access event.

anOnlyChild’s NYFW Key. Source: Afterpay

Among the crop of designers that AfterPay worked with to make this collection possible are ALTA, anOnlyChild, Jonathan Simkai, Kim Shui, and the Blonds. Featuring NFTs inspired by each designer’s upcoming Spring and Summer 2023 collections, holders could opt to receive access to exclusive NYFW events with their keys, digital utilities, or limited-edition keepsake items to be distributed in person at the event.

Tommy Hilfiger airdropped an NFT to all New York Fashion Week attendees

Beyond unveiling its upcoming collections at this year’s NYFW, Tommy Hilfiger also took the opportunity to launch Rove: its new Web3 studio and media launchpad. Touted as a “seamless” way for “brands, creators, and artists to launch Web3 products and experiences” on its website, Rove hopes to function as another bridge luxury brands can use to enter the Web3 space.

As part of Rove’s launch, Tommy Hilfiger held an activation that enabled NYFW attendees to seamlessly create crypto wallets and receive their new NFTs at the event. All attendees needed to do to receive these NFTs was tap their phones on NFC stickers plastered all over the walls of the activation venue.

The ‘Tommy Factory’ NFT. Source: Tommy Hilfiger

So what exactly did Tommy Hilfiger hand out at the activation? NFTs of a Warhol-esque print of Tommy Hilfiger himself using a polaroid camera. A fitting image to sum up Tommy Hilfiger’s fashion show at NYFW, considering that the “Tommy Factory” was built as an homage to where Warhol built his most pioneering works in the 20th-century art world: his factory.

Puma debuts metaverse experience at NYFW

Sportswear brand Puma unveiled something big at NYFW — and no, it wasn’t the shoe, reinvented. Highlighting the sportswear brand’s “Futrograde” show at NYFW was Black Station — a metaverse experience for holders of its recently-minted Nitropass NFTs. Named after “PUMA’s home for our most innovative designs in fashion,” as Puma CBO Adam Petrick stated in a press release, Black Station hopes to recapture the brand’s energy at its peak.

As such, Puma’s metaverse experience offered attendees the chance to experience the work of Puma’s designers “without the typical confines and limitations of our shoe production process,” said Puma’s Head of Innovation Heiko Desens, in the press release. By entering Black Station, Nitropass holders could receive one of two NFTs — one linked to Puma’s recently announced Nitro NFRNO and Nitro Fastroid sneakers, or an NFT linked to an exclusive IRL experience. To receive physical sneakers at the event, NFT holders simply burned their NFTs, and received the shoes in return.

What Does The Chair Of The Board Do?

Serving as a leader and facilitator, the chair presides over meetings. Primarily, the chair’s responsibility is to the board.

Chairs must ensure that the meeting process is as seamless, constructive, and deliberative as it needs to be when the board gathers.

Chairs’ roles can vary widely across different industries. Often, it depends on the company size; smaller companies will have chairs that are more active in the company’s day-to-day life. Some may concurrently serve as CEO.

In bigger companies, this is less likely. It is also generally not recommended to preserve independent observation and cooperation and maintain a system of checks and balances at the top level.

If you’re new in the role of chair or have ambition to become one, here are some tips on maximising your impact.

You know your role

A chair is not a CEO, not a managing director, and is not concerned with leading employees. It’s important to remember this because the definition can become lost in practice.

This is especially true for former CEOs, managing directors, and other executives who have now moved on to fill the role of chair. Such people need to leave their hands-on, direct leadership mindset behind, but they can sometimes struggle.

One of the chair’s primary roles is facilitating and planning board meetings.

Acting like a CEO in a board meeting – with more command and less guidance – will stifle colleagues’ voices and limit the board’s ability to be the think tank it’s supposed to be.

You are ready to act

A good chair knows that they are at the helm of a board that may need to act fast and decisively if the company finds itself in hot water. The CEO, who may well hold the most power day-to-day, may suddenly look to the board for urgent decisions in a crisis.

The chair holds a powerful voice on the board when this happens.

Decisions are never yours to make alone, but when something goes wrong, your colleagues will depend on you to create a positive, deliberative discussion around what to do next.

In hot water, a company may have tough decisions to make; maybe its best next move is a rapid change in environmental policy, an en-masse move to remote working or a dismissal of the CEO?

You will need the experience to know what this move should be, the confidence to endorse it, and the ability to take others’ opinions on board to ensure it’s done correctly.

You maintain your independence

Take the above point with the caveat that the reverse is also true.

Your role is chair; if you’re not on hand to deal with an urgent, top-level problem, take a step back.

Maintaining a healthy level of distance from the organisation’s inner workings is essential.

Ensure that you are looking at the organisation’s progress with a ‘sovereign mindset’, free of day-to-day management issues, fuelled by your industry experience and knowledge.

That experience, your broad judgement, and your ability to facilitate discussion are your strengths. They let you see opportunities and challenges for the organisation that others might not.

The chair is a vital link between all of these areas of governance, and colleagues should enjoy a sense of comfort and confidence in the environment you create

You’re a good relationship manager

As chair, you will work alongside a collection of board members – each with a wealth of experience, each with their unique view on the company’s direction.

In addition, you need to act as a mentor to the CEO, as an ambassador in the industry, and as a link between shareholders on one end and employees on the other.

This is where your ability to manage relationships matters.

If you’re chair, you’re a vital link between all of these areas of governance, and colleagues should enjoy a sense of comfort and confidence in the environment you create. Otherwise, that vital link risks being broken.

It would help if you were a good communicator, listener, and facilitator.

When fellow board members have issues to address, ensure they can manage them.

And above all, if you see friction developing within or between these company layers, be ready to tackle it.

You’re committed to the role

Chairs are some of the most respected members of a governance community. There is a high degree of professional achievement associated with those appointed to the role, but remember that your responsibilities go beyond that.

You should always be aware that you are an essential part of the company machine. Phoning it in, primarily if you work in a part-time capacity, won’t produce results.

Keep in mind that your duties will likely go beyond the baseline of chairing board meetings.

You’ll need to induct new board members, evaluate current ones, be available for shareholder queries, pay attention to diversity on your board, provide input to the remuneration committee, and represent the company wherever necessary.

Put aside time, thought, and energy for all the above. 

Discover the three top tips for chairs below.

Ibm Sees Across The Board Revenue Gains

Citing an increase in IT spending across all sectors of its business and all global geographies, IBM announced record revenue and earnings for the first quarter that exceeded analyst projections.

After the close of trading on Monday, IBM (NYSE: IBM) reported a first-quarter profit of $2.6 billion, or $1.97 per share, a 13 percent improvement from the $2.3 billion, or $1.70 per share, from the same quarter last year. Revenue rose 5 percent year-over-year to $22.9 billion.

Analysts on average had expected earnings per share of $1.93 on revenue of $22.7 billion, according to a consensus survey by Thomson Reuters.

However, while IBM CFO Mark Loughridge was optimistic about the overall economic climate during a conference call with analysts, he pointed out some of the more near-term indicators of strength for his company.

Total Global Services revenues increased 4 percent with $12.3 billion in services contracts signed, including 13 contracts greater than $100 million. Consulting services signings were up 18 percent, with 25 percent of signings related to Smarter Planet and Business Analytics.

IBM now has a services backlog of $134 billion at actual rates, compared with $126 billion in the first-quarter 2009.

The one real area of services weakness came in IBM’s Application Management Services group, where revenue fell 23 percent, or $700 million, over the same quarter last year. Loughridge’s explanation is that AMS had enjoyed a particularly strong quarter last year, so it was hard for the group to match it.

The better news, in his view, was that there was an 18 percent year-over-year growth in revenue from outsourcing and consulting, a service that’s often the first to be cut when belts are tightened.

“This is important because consulting has been a leading indicator and has the greatest impact on near term-performance,” Loughridge said. “We expect our services business to return to modest growth in the second quarter.”

Software revenues for IBM totaled $5.0 billion, an increase of 11 percent from a year ago. Among the best performers were Tivoli, up 23 percent, while WebSphere business was up 13 percent and information management was up 11 percent. Sales of ILOG software rose 30 percent from a year ago, thanks to its use in IBM’s Smarter Planet program.

Systems and Technology, IBM’s hardware business, delivered $3.4 billion of revenue for the quarter, up 5 percent year over year. It saw an 11 percent sequential improvement in hardware sales, in particular for storage, System x and the Power 7 mid-range. Loughridge said x86 blade sales rose 55 percent year-over year.

IBM continues to pursue HP and Sun customers, racking up another 170 competitive wins for $125 million in business for the quarter, Loughridge said. Most of that share came in low- to mid-range systems. He said that IBM will introduce the next-generation of its System z mainframes coming in the second half of the year as well as some new high-end System p computers running IBM’s new Power 7 processor.

Big Blue’s Global Financing segment revenues decreased 7 percent from last year to $537 million. Loughridge said that this quarter’s economics were driven more by business opportunities than currency. “With a strong dollar, currency was less of a help,” he said. Adjustments for the dollar only changed things by 5 percent instead of the usual 6 to 7 percent and impacted revenue by $250 million.

“So business was better than expected,” Loughridge said.

IBM said it now expects to earn $11.20 a share in 2010, up from its prior projections of $11 per share. Analysts had projected an average FY2010 EPS of $11.12 a share.

The company also said it expects constant-currency revenue growth for IBM and for its total services, software and hardware businesses in the second quarter.

Andy Patrizio is a senior editor at chúng tôi the news service of chúng tôi the network for technology professionals.

Fix: Error While Accepting Trade On Steam

Fix: Error While Accepting Trade on Steam Steam trade errors happen all the time put our guide will help you

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Steam is one of the largest gaming platforms in the world with over 15M active users.

Gamers can buy skins, weapons, and other items to customize their game characters. 

The Steam error accepting trade is mostly due to connection or app issues but our solutions below will help you get on with your trade.

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A large number of users have encountered the Steam Error accepting trade on their PCs. Because of this, a great number of people stormed the official Steam forums complaining about this issue.

There are several causes for this error, and in today’s article, we will explore some of the best methods you need to try in order to fix this.

How do I accept a trade offer on Steam?

When you get a trade offer from someone, you will see that the mailbox icon from the top right corner of the screen turns green.

Some common error variations

There are a lot of variations for the Steam Error accepting trade error and if you see one from the list below, our guide will help you fix it.

There was an error accepting this trade offer. please try again later. (25)

There was an error accepting this trade offer. please try again later. (11)

There was an error accepting this trade offer. please try again later. (16)

There was an error sending your trade offer. please try again later. (15)

There was an error accepting this trade offer. please try again later. (28)

There was an error sending your trade offer. please try again later. (26)

Please follow the steps presented in this guide in the order that they are written (from the least to the most invasive).

How can I fix the accept trade offer error on Steam? 1. Use a browser to process the request instead of your Steam client

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This tool features a gaming-inspired theme with Razer Chroma integration, built-in gaming news and deals like discounts and weekly freebies, a Twitch panel, and more.

Additionally, you can still run it while gaming, even online, since it also comes with a few gaming features, like  RAM and bandwidth limiter.

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2. Make sure that the receiver doesn’t have a full backpack

Expert tip:

That’s why you will most likely see the Steam error accepting trade message. If the user still has space in his item list, then try the next methods.

4. Restart your Steam client

In the case of some of the users that encountered the Steam error accepting trade, they just had to restart their Steam client in order to be able to accept the transfer.

Just close the app and open it again but if this didn’t work either, then follow the next method.

5. Uninstall and reinstall your Steam client Where I find my Steam trade URLs?

We hope that our guide helped you solve the Steam error accepting trade issue and the trades have been successful.

If you have ptoblems with connecting to Steam here are 3 ways to fix Steam Verifying Login Information error.

Still experiencing issues?

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