Coffee, Sugar and Cocoa Exchange
| Company type | Commodity futures exchange |
|---|---|
| Industry | Financial services |
| Predecessor | New York Coffee and Sugar Exchange, New York Cocoa Exchange |
| Founded | 1882 in New York City, United States |
| Fate | Merged into New York Board of Trade in 1998; later became part of IntercontinentalExchange in 2007 |
| Headquarters | New York City , United States |
| Products | Futures and options for coffee, sugar, cocoa, S&P Commodity Index |
| Parent | IntercontinentalExchange (since 2007) |
The Coffee, Sugar and Cocoa Exchange (CSCE) originated in 1882 under the name Coffee Exchange in the City of New York. The introduction of sugar futures took place in 1914. On September 28, 1979, a merger between the New York Coffee and Sugar Exchange and the New York Cocoa Exchange, which had been established in 1925, resulted in the formation of CSCE. Later, in 1998, CSCE combined with the New York Cotton Exchange to become part of the New York Board of Trade (NYBOT). Functioning as a distinct NYBOT division, CSCE facilitates trading in futures and options for coffee, sugar, cocoa, and the S&P Commodity Index. Market transactions take place through open outcry sessions from 8 a.m. until 2:45 p.m., Monday through Friday. In January 2007, NYBOT merged with IntercontinentalExchange (ICE), transitioning into a fully owned subsidiary of ICE.
History
Established in New York City in 1882, Benjamin Green Arnold was appointed as its inaugural president. Early participants featured firms such as Lehman Brothers, which joined in 1883. By 1887, the Coffee, Sugar and Cocoa Exchange had achieved listing on the New York Stock Exchange.
In April 1902, H. M. Humphreys stepped down from his role as superintendent to accept the vice presidency at the newly created Mutual Alliance Trust Company.
Joseph J. O'Donohue, a coffee broker instrumental in founding the Coffee Exchange, also held the position of New York City Commissioner of Parks and contributed to founding the Brooklyn-New York Ferry service.
In 1909, author Vincent O'Sullivan suffered financial devastation when his brother Percy’s poorly timed futures trading on the New York Coffee Exchange led to a collapse of their family coffee business income.
While major U.S. commodity exchanges such as the New York Coffee Exchange initially operated without clearing houses during their early years, CSCE adopted clearing house mechanisms starting in 1914.
See also