NYBOT plans electronic system for deliveries. (Trade News).
The New York Board of Trade (NYBOT) plans to modernize and expand its Commodity Operations Processing System (COPS). As part of this effort, NYBOT will explore turning COPS into an electronic platform for the full automation of coffee and cocoa deliveries.Paul Fisher, international coffee trader, technician and executive, has been named by NYBOT as an expert consultant for the project development team. For more than 10 years, COPS, under the NYBOT's Coffee, Sugar & Cocoa Exchange subsidiary, was the first B2B system used by the coffee and cocoa markets. The NYBOT plans to examine transforming the current COPS process into a modern B2B commodity management system that will automate the manually intensive and costly back office activities currently associated with coffee and cocoa deliveries.
"The New York Board of Trade's central importance to the coffee and cocoa industry makes it a perfect focal point for this effort to create an electronic platform for coffee and cocoa B2B e-commerce," said NYBOT president and ceo Mark D. Fichtel. "The NYBOT has the experience and technological capability to be the leader in this area and provide a critical new level of service and real cost savings to the coffee and cocoa industries."
Based on World Trade Organization (WTO) estimates, the overall cost of producing shipping documentation all international commodity transactions is $420 billion or seven percent of total trade costs. According to Fisher, replacing paper documentation with an electronic system could save untold dollars annually and significantly improve operational efficiency throughout the industry.
Initially, a review about enhancing e-COPS to handle electronic versions of warehouse receipts, delivery orders, sampling orders, weight notes, invoices, and insurance declarations will take place. Other areas such as bills of lading and customs entry documentation could be added if demand warrants. The system would serve key industry segments and related areas such as exporters, importers, roasters, bankers, insurance companies, ocean carriers, customs brokers, as well as expanding its current capabilities for FCMs, warehouses, samplers and weighers that already rely on COPS.
Information about the New York Board of Trade's markets and products can be found at www.nybot.com.
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| Publication: | Tea & Coffee Trade Journal |
|---|---|
| Article Type: | Brief Article |
| Geographic Code: | 1USA |
| Date: | Apr 20, 2002 |
| Words: | 351 |
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