what is the new york board of trade nybot 
founded in 1870 the new york board of trade nybot is a commodity futures exchange located in new york in 2006 it became part of the intercontinental exchange ice 12for much of its history the nybot facilitated commodities trading using human traders in large trading floors or pits today the vast majority of this trading is conducted through computers understanding the new york board of trade nybot the nybot is focused on physical commodities such as coffee cotton and cocoa by allowing these commodities to be traded indirectly using futures contracts institutions such as the nybot allow the producers and buyers of these commodities to lock in prices ahead of time in order to protect against unforeseen volatility or production shortages with standardized futures contracts companies dependent on these commodities can buy them at predetermined prices for later delivery weeks months or even years in the future in doing so they can be more certain of the cost of their raw materials regardless of how the spot prices of those commodities may fluctuate in the interim period the chicago mercantile exchange cme plays a similar role facilitating futures trading in commodities such as livestock metals and crude oil 