This 15 minute video was produced by the NYBOT in 2005 and does a good job explaining basic order execution on that exchange w/lots of footage of NYBOT pits which no longer exist.
Although there the footage is good, the subject matter is a bit dry so thought I'd relate a story which a KCBT trader told me when I was there over a decade ago about trading a NYBOT market. He was remarking how he was short some OJ futures for a while and it became enough of a problem that he decided to cover. When he called his NYBOT desk and asked what's going on, he was told it's snowing to which he asked why that matters if it's snowing in NY? It wasn't snowing in NY, it was snowing in the orange orchards of FL he was told! Well this was a major problem because he was short the front month which didn't have any limits.
Because the trader was a desk manager at the KCBT branch of the firm, the desk manager at the NYBOT said he'd work the order and take care of it. As expected the OJ market skyrockets right from the open and the guy in KC didn't want to bother the NYBOT desk to see where he got out cause it'd be busy there but eventually called and was told nothing was done yet but just wait and it'll be taken care of later. Of course he wasn't happy w/that answer but there was nothing to do but wait. Sure enough the market craters later that day and his shorts are bought in at an amazing price.
Once he gets the call and told his fill, the guy in KC is immensely grateful for the desk manager in NY to hold the trade like he did. Before hanging up the phone, the guy in KC was simply asked by the NYBOT broker, "why the hell would a Midwestern Gentile try and trade in a market run by New York Jews?" Of course there's basically no answer to that except for the guy in KC to send his NY broker the largest kosher meat package which Omaha steaks offered.
How true that story is, I don't know which is why I don't rehash other's stories, but for this instance I'd make the exception cause I heard it from the source.
Although there the footage is good, the subject matter is a bit dry so thought I'd relate a story which a KCBT trader told me when I was there over a decade ago about trading a NYBOT market. He was remarking how he was short some OJ futures for a while and it became enough of a problem that he decided to cover. When he called his NYBOT desk and asked what's going on, he was told it's snowing to which he asked why that matters if it's snowing in NY? It wasn't snowing in NY, it was snowing in the orange orchards of FL he was told! Well this was a major problem because he was short the front month which didn't have any limits.
Because the trader was a desk manager at the KCBT branch of the firm, the desk manager at the NYBOT said he'd work the order and take care of it. As expected the OJ market skyrockets right from the open and the guy in KC didn't want to bother the NYBOT desk to see where he got out cause it'd be busy there but eventually called and was told nothing was done yet but just wait and it'll be taken care of later. Of course he wasn't happy w/that answer but there was nothing to do but wait. Sure enough the market craters later that day and his shorts are bought in at an amazing price.
Once he gets the call and told his fill, the guy in KC is immensely grateful for the desk manager in NY to hold the trade like he did. Before hanging up the phone, the guy in KC was simply asked by the NYBOT broker, "why the hell would a Midwestern Gentile try and trade in a market run by New York Jews?" Of course there's basically no answer to that except for the guy in KC to send his NY broker the largest kosher meat package which Omaha steaks offered.
How true that story is, I don't know which is why I don't rehash other's stories, but for this instance I'd make the exception cause I heard it from the source.