New York Cotton Exchange (NYCE)
Definition
A historic commodities exchange in New York which traded futures and options on cotton, frozen concentrated orange juice, and potatoes, as well as interest rate, currency, and index futures and options. In June 2004, the NYCE merged with the Coffee, Sugar and Cocoa Exchange to form the New York Board of Trade. As a result of this merger, all previous exchanges and subsidiaries ceased to exist, including the Coffee, Sugar, & Cocoa Exchange, the New York Cotton Exchange, the Citrus Associates of the New York Cotton Exchange, the New York Futures Exchange (NYFE), and the FINEX Exchange. All markets are now referred to as the New York Board of Trade or NYBOT.
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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University
Term of the Day
Covenant defeasance
Covenant defeasance allows the issuer to remove the bond's covenants by placing the remaining payments with a trustee in escrow to be paid out on schedule.
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