RJO now using NYBOT's OBMS to fill coffee orders.
"R.J. O'Brien is very concerned with giving our customers the best service and value we can provide," said Colleen Mitchell, President of R.J. O'Brien. "By having our brokers use NYBOT's Order Book Management System (OBMS) on a wireless, handheld device while standing in the pit, our customers can now have their fill information routed back to them at practically the same instant the order is filled via open outcry in one of NYBOT's trading pits."
Upon entry of the order fill information into NYBOT's OBMS application, the order originator is notified electronically of the order fill, and at the same time, the trade matching necessary for end-of-day checks and the trade clearing processes is initiated.
"This is another illustration of the continued success of NYBOT's use of technology to make our form of open out cry more efficient," said C. Harry Falk, NYBOT president and c.e.o. "We are committed to enhancing open outcry by making it more efficient and competitive by using technology such as OBMS--we encourage other FCMs and brokers to take a look at what this system has to offer."
The OBMS works in conjunction with NYBOT's Electronic Order Routing (EOR) system, which has also been successfully deployed on NYBOT's trading floor, and which allows an FCM or broker to send an order directly to a broker's booth on the trading floor. That order then can be routed to a floor trader using a wireless handheld device. Once the order has been filled, the trader automatically sends information to both the clerk and NYBOT's Trade Input Processing System (TIPS).
Because EOR is connected to NYBOT's pricing system, users can access timely market data. NYBOT's system also has the unique ability to handle most complex order types as well as all active products and contract months.
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|Title Annotation:||R.J. O'Brien; New York Board of Trade; Order Book Management System|
|Publication:||Tea & Coffee Trade Journal|
|Date:||Jul 20, 2005|
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