New York Cotton Exchange

The New York Cotton Exchange (NYCE) is a commodities exchange founded in 1870 by a group of one hundred cotton brokers and merchants in New York City. In 1998, the New York Board of Trade (NYBOT) became the parent company of the New York Cotton Exchange, and it is now owned by IntercontinentalExchange (ICE). The NYCE had its first permanent headquarters at 1 Hanover Square from 1872 to 1885, though it remained on Hanover Square, Manhattan, for over a century. Since 2003, its headquarters and trading facility have been in One North End Avenue.

1. History


1. = Formation =

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. Its first permanent headquarters was 1 Hanover Square (later known as India House) in New York City. The NYCE moved to 1 Hanover Square on May 4, 1872. 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.

1. = Cotton Year Book and subsidiaries =

Annually until 1958, the NYCE published the Cotton Year Book, which contained the year's statistics on the cotton industry. Over the years, the NYCE created various subsidiaries to trade non-cotton contracts, including the Wool Associates, the Citrus Associates, the Tomato Products Associates, and the Financial Instruments Exchange (FINEX). The exchange diversified its product line over the years to also deal in wool and orange juice futures. In 1985 the NYCE began dealing in financial futures and options.

1. = Subsidiary of ICE =

In 1998, the New York Board of Trade (NYBOT) became the parent company of both the New York Cotton Exchange and the Coffee, Sugar and Cocoa Exchange (founded 1882). It is now owned by IntercontinentalExchange (ICE). The New York Cotton Exchange was a tenant on the 8th floor of 4 World Trade Center until September 11, 2001. Following the terrorist attacks that day, it had to relocate to temporary facilities in Long Island City that had been set up as an emergency backup location following the 1993 World Trade Center bombing. Since 2003, its headquarters and trading facility have been in the New York Mercantile Exchange Building in lower Manhattan.

1. See also

Cotton factor Mobile Cotton Exchange, the third cotton exchange in the U.S., founded after New Orleans Exchange Memphis Cotton Exchange, founded 1874 Cotton production in the United States

1. References


1. External links

New York Board of Trade

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1 Hanover Square

One Hanover (formerly known as India House, Hanover Bank Building, and New York Cotton Exchange Building) is a commercial building at 1 Hanover Square, on the southwestern edge of the square, in the Financial District of Lower Manhattan in New York City. It was the site of the United States' first cotton futures exchange, the New York Cotton Exchange. As of 2022, One Hanover is owned by SomeraRoad Inc., which uses the building as its headquarters. One Hanover is composed of four originally separate structures. The main structure is a three-story brownstone building designed in the Italian Renaissance style and completed in 1854. The brownstone contains the building's main entrance facing Hanover Square. Adjoining the brownstone are three brick structures at 60–64 Stone Street, which date to 1836 and were built as commercial stores. The brick buildings are four stories tall but are the same height as the brownstone. Inside are maritime-themed spaces that are used by Harry's Bar, Ulysses Folk House, and the India House club. The brownstone initially served as the headquarters of the Hanover Bank, while other commercial tenants occupied the brick buildings. The New York Cotton Exchange, founded in 1870, occupied the building from 1872 to 1885. The building subsequently served as the headquarters of W.R. Grace and Company until the early 1910s. In 1914, the structures were purchased by the India House, a private club for gentlemen involved in foreign commerce, which continues to occupy the building. Over the years, various architects have made renovations to One Hanover Square, with the three Stone Street stores being gradually combined with the brownstone structure between the 1870s and 1910s. Restaurants have also been housed in various portions of One Hanover Square throughout its history. SomeraRoad bought the building in 2022 and renovated it into an office building the next year. One Hanover's design, especially in regard to its later use as the India House clubhouse, has received critical acclaim. The building was designated a city landmark by the New York City Landmarks Preservation Commission (LPC) in 1965, was added to the National Register of Historic Places (NRHP) in 1972, and became a National Historic Landmark in 1977. It is a contributing property to the Stone Street Historic District, which was designated by the LPC in 1996 and by the NRHP in 1999. 1 Hanover Square has been depicted in works of popular culture, including the 2001 film Kate & Leopold.

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