In late July 2007, Andrew and Mike Vournas made a business trip to New York City. While there, they were able to visit the coffee trading floor at the NYMX, New York Mercantile Exchange in lower Manhattan. All coffee contracts traded at the outcry are traded here. It was the second visit to the trading floor for Andrew and the first for Mike.
Andrew had visited the NY “Merc,” as it is called, when it was housed at the base of the World Trade Center prior to 9/11. Destroyed by the collapse of the twin towers, all trading functions were moved off-site until this building was able to house the trading operations. It was quite the scene to watch as contracts (such as those we trade) were executed through shouts, screams and hand gestures. Talking with several floor traders reveals that the new electronic trading (ICE) may prove the death of outcry trading. Both Andrew and I sincerely hope that is not the case as the contract traders add the much-needed human element to the trading system.
Postscript Update
As of several months ago, this contract outcry trading platform has been closed and replaced with the ICE electronic trading platform. Another change sold as progress… we sincerely hope that all the traders land on their feet. They are an intelligent, hard-working bunch and we wish them the best.
Yours In Coffee,
Michael Vournas
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