COTTON EXCHANGE PICKS SITE IN NEW YORK

COTTON EXCHANGE PICKS SITE IN NEW YORK

The board of managers of the Coffee, Sugar and Cocoa Exchange Thursday voted to accept a proposal from the city and state of New York to build a new trading facility in New York.

The proposal has been made to the CSCE and New York Cotton Exchange to build jointly a trading facility in lower Manhattan at the site bordered by Murray, Warren, Greenwich and West streets. The CSCE has requested that the New York Cotton Exchange consider this proposal.CSCE Chairman Brian Kelly said the city and state of New York provided significant economic support, which justifies the choice of the location.

"We know that the Cotton Exchange has voted to accept a proposal from New Jersey, but additional benefits were made available from New York subsequent to that vote which significantly impacted the CSCE decision," Mr. Kelly said.

''We are hopeful that the Cotton Exchange will agree with us on the quality of the New York deal and join us so we may finally move forward to develop the trading facility we so desperately need for the members for both of our exchanges," he said.