What Is FINEX?
FINEX (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 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 Securities Exchange (ISE).
How FINEX Works
In 1994, FINEX 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 1998. The New York Cotton Exchange (NYCE) 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.