FINEX
FINEX (the Financial Instruments Exchange) was the financial instruments and currency products division of the New York Board of Trade (NYBOT). ICE also operates six central clearinghouses: ICE Clear U.S., ICE Clear Europe, ICE Clear Singapore, ICE Clear Credit, ICE Clear Netherlands, and ICE NGX. ICE became a publicly-traded company on November 16, 2005, under the ticker symbol ICE, and was added to the Russell 1000 Index on June 30, 2006. FINEX and the rest of NYBOT previously specialized in physical commodities and open-outcry floor trading, but has become all-electronic since incorporation into the ICE. In 1994, Financial Instruments Exchange became the first exchange division to operate trading floors on two continents by adding a trading facility in Dublin, Ireland. FINEX, along with the NYBOT, is now owned by the Intercontinental Exchange (ICE), where the FINEX moniker has largely disappeared and has been subsumed by other ICE divisions. The New York Cotton Exchange (also called the Coffee, Sugar, and Cocoa Exchange (CSCE)) was a commodities exchange founded in 1870 by a group of 100 cotton brokers and merchants at 1 Hanover Square in New York City.
What Was the FINEX (Financial Instruments Exchange)?
FINEX (the Financial Instruments Exchange) was the financial instruments and currency products division of the New York Board of Trade (NYBOT). It listed and traded a variety of currency (forex) derivatives such as futures and options on futures.
FINEX was established in 1985 due to the rapid emergence of the financial derivatives sector. It is now a subsidiary of the Intercontinental Exchange (ICE) after the ICE purchased the NYBOT in 2006. The last in-person FINEX trading session took place on Thursday, June 28, for Friday, June 29, 2007.
Understanding the FINEX
In 1994, Financial Instruments Exchange became the first exchange division to operate trading floors on two continents by adding a trading facility in Dublin, Ireland. FINEX was initially the financial division of the New York Cotton Exchange (NYCE) until the NYBOT became the parent company of the NYCE in 1997. The New York Cotton Exchange (also called the Coffee, Sugar, and Cocoa Exchange (CSCE)) was a commodities exchange founded in 1870 by a group of 100 cotton brokers and merchants at 1 Hanover Square in New York City.
FINEX, along with the NYBOT, is now owned by the Intercontinental Exchange (ICE), where the FINEX moniker has largely disappeared and has been subsumed by other ICE divisions.
Since 2003, ICE's headquarters and trading facilities have been located in the New York Mercantile Exchange Building in the financial district.
Cryptocurrency exchanges Bitfinex and DigiFinex today use the FINEX moniker.
The Intercontinental Exchange
The Intercontinental Exchange, known as the ICE, began in 2000 as an electronic platform for trading energy futures and options. It owns stock, commodities, futures and options exchanges in the United States, Europe, Canada, and Singapore. ICE bought the New York Stock Exchange (NYSE) in 2013 for $11 billion. The ICE now holds on to and controls the remnants of the NYBOT and its FINEX division.
ICE's other holdings include NYSE ARCA, NYSE National, NYSE AMEX Options, NYSE ARCA Options, and NYSE Chicago. ICE also operates six central clearinghouses: ICE Clear U.S., ICE Clear Europe, ICE Clear Singapore, ICE Clear Credit, ICE Clear Netherlands, and ICE NGX.
ICE became a publicly-traded company on November 16, 2005, under the ticker symbol ICE, and was added to the Russell 1000 Index on June 30, 2006.
Today, the ICE is the third-largest exchange group in the world, behind Hong Kong Exchanges and Clearing Limited (HKEX) and the CME Group Inc., which owns the Chicago Board of Trade and the New York Mercantile Exchange.
Related terms:
Commodity Market
A commodity market is a physical or virtual marketplace for buying, selling, and trading commodities. Discover how investors profit from the commodity market. read more
Contract Market
Contract market, or designated contract market, is a registered exchange where commodities and option contracts are traded. read more
Coffee, Sugar and Cocoa Exchange (CSCE)
The Coffee, Sugar and Cocoa Exchange (CS&CE) was a commodities exchange established in September 1979 to facilitate futures trading. read more
Futures Contract
A futures contract is a standardized agreement to buy or sell the underlying commodity or other asset at a specific price at a future date. read more
Futures Exchange
A futures exchange is a central marketplace, physical or electronic, where futures contracts and options on futures contracts are traded. read more
Intercontinental Exchange (ICE)
The Intercontinental Exchange is a market-based in Atlanta, Georgia that facilitates the electronic exchange of energy commodities. read more
London International Financial Futures and Options Exchange (LIFFE)
LIFFE is a London, England-based futures and options exchange now known as ICE Futures Europe. read more
New York Board of Trade (NYBOT) Defined
The New York Board of Trade (NYBOT) is a commodities deriviatives exchange now part of the ISE platform. read more
NYSE Arca
NYSE Arca is an electronic securities exchange in the U.S. on which exchange-traded products and equities trade. read more
New York Stock Exchange (NYSE)
The New York Stock Exchange, located in New York City, is the world's largest equities-based exchange in terms of total market capitalization. read more