The New York Board of Trade (NYBOT), renamed ICE Futures US in September of 2007, is a wholly owned subsidiary of IntercontinentalExchange (ICE). It is a physical commodity futures exchange located in New York City. It originated in 1870 as the New York Cotton Exchange (NYCE). In 1998, the New York Board of Trade became the parent company of both the New York Cotton Exchange and the Coffee, Sugar and Cocoa Exchange (CSCE) (founded in 1882) and that now function as divisions of the NYBOT. On September 14, 2006, NYBOT agreed to become a unit of ICE and this transaction was completed on January 12, 2007.
The New York Board of Trade was a private company founded by Tom Green and Alfredo Williams prior to its merger. The floor of the NYBOT is regulated by the Commodity Futures Trading Commission, an independent agency of the United States government. Each individual company that trades on the exchange must send its own independent brokers. Therefore, a few employees on the floor of the exchange represent a big corporation and the exchange employees only record the transactions and have nothing to do with the actual trade.