Governmental » Military. Top COO abbreviation related to Business: Country-of-Origin. The meaning of the COO is also explained earlier. Learn more. Companies are becoming more deliberate about. When birds such as doves and pigeons coo, they make a low soft sound. C-Suite is a widely-used informal term used to refer collectively to a corporation's most important senior executives—as in CEO, CFO, and COO. Miles have published extensively on the subject of the COO. This is not a partnership that can be forced. [3][31][32] Their work focuses on identifying different types of COOs, when the role works to deliver additional value, and when the role fails to produce the desired results. The increase in talent mobility means that the role will likely be used more often as a retention mechanism for key executives who are at risk of moving to a competitor. Miscellaneous » Unclassified. C-Suite, or C-Level, is a widely-used slang term used to collectively refer to a corporation's most important senior executives. This person is second in command within any business and has to report directly to the CEO. Additionally, if they are looking to be the next CEO, it allows them to develop credibility with the board. In this case, the COO might carry out the CEO's mandate by instructing the human resources department to hire more quality control personnel. The chief operating officer (COO) is a senior executive tasked with overseeing the day-to-day administrative and operational functions of a business. To express or utter with soft murmuring sounds. Not quite. This is the second-in-command to the CEO. The chief operating officer (COO) is a senior executive tasked with overseeing the day-to-day administrative and operational functions of a business. The COO meaning is Chief Operations Officer. That typically means architecture, business processes, product development, support, team structure, etc. The CEO is responsible for corporate vision and strategy. 'Chief Operating Officer' is one option -- get in to view more @ The Web's largest and most authoritative acronyms and abbreviations resource. The COO mainly focuses on executing the company’s business plan, according to the established business model, while the CEO is more concerned with long-term goals and the broader company outlook. Some organizations function without a COO. In addition to having a strong and trusting relationship with the CEO, the COO should also have an effective relationship with the board. A COO ensures the company has effective operational and financial procedures in place. It may be confusing to keep the players straight. Stempel. Their research includes interviews with more than a hundred CEOs and COOs on the topic. The COO (Chief Operating Officer) is the right hand man or woman to the CEO of a company. We know 112 definitions for COO abbreviation or acronym in 8 categories. ; What does COO mean? It’s sometimes easier to state what a COO is not responsible for, rather than what she is responsible for: a COO does not do sales, finance, HR, technology or long term product development. [no object] 1 (of a pigeon or dove) make a soft murmuring sound. In addition to writing a book dedicated to analyzing this hard-to-understand position,[33] their research has been published in the Harvard Business Review, MIT Management Review and Chief Executive.net. The CEO is generally concerned with relations between the company and the outside world. Community » Committees. When a general manager retires, the chief of operations can rise to that position. Certainly not. Understanding a Chief Operating Officer (COO), The Role of a Chief Operating Officer (COO), Qualifications for a Chief Operating Officer (COO), Controllers: What They Do and How They Work. This acronym/slang usually belongs to Business & Finance category. A strong relationship between the board and the COO also offers the board an additional expert opinion on the health of the company, and status of key initiatives. What does COU mean? COO: Cessna Owner Organization (aircraft) COO: Conduct of Operations: COO: Countries of … Looking for the definition of COO? Most modern companies operate without a COO. Instead of having one or two skill sets, most successful COOs have multifaceted talents, enabling them to adapt to different tasks and solve a range of issues. [32] Researchers[who?] Cuckoo. Others may have two COOs, each assigned to oversee several business lines or divisions, such as Lehman Brothers from 2002 to 2004 when Bradley Jack and Joseph M. Gregory were the co-COOs. CTO in business means Chief Technology Officer or Chief Talent Officer. Many executives with the leadership skills necessary to be a top-level COO would prefer to be running their own organization as opposed to taking orders from a CEO. Companies are becoming larger and more complex, making it more difficult for one person alone to have total oversight over the whole organization. The mentor, who is hired to counsel younger or newer company team members. Coo definition: When a dove or pigeon coos , it makes the soft sounds that doves and pigeons typically... | Meaning, pronunciation, translations and examples A general manager is a person in charge of a department within a company. Perhaps it is the most difficult of all organizational working relationships because more than others, it is a balancing act on the threshold of power.".[2]. It may help to explain that a corporate officer holds a management-level position, such as a President, Vice President, or General Manager. Top definition. Banking. It requires standard information, like the exporter, consignee, shipment routing, and goods description. is explained earlier. The COO also translates the board's and the CEO's strategic objectives into executable plans. Coo definition is - to make the low soft cry of a dove or pigeon or a similar sound. *****. A chief operating officer (COO), also called a chief operations officer, is one of the highest-ranking executive positions in an organization, comprising part of the "C-suite". What does COO stand for in Business? The definition of business functions with examples. COO Stands For : Cosmos Ltd | Chief Operating Officer | Chief Operating Officer | Chief Operating Officer | Coolabi | Cooper Companies | Chief Operating Officer | Chief Operation Officer | Chief Operative Officer. The change agent, who spearheads new initiatives. Fit Between the COO and the position—The selected COO must have the right credentials to carry out the purpose for which the COO role was created (which can include everything from operations expertise to change expertise to having a complementary skill set to the CEO). Similarly, the COO has to be comfortable regularly providing status updates to the CEO. ing, coos v.intr. List page number 2 The COO reports to the CEO and is usually second-in-command within the company. If the debtor fails to pay the statutory demand in 21 days and does not dispute the debt, then the creditor may issue a winding-up petition. It’s like cool excepts better. Educationally, COOs typically at a minimum hold bachelor's degrees, while often also holding Master's in Business Administration (MBA) degrees and other certifications. Executive Management is vital to the functioning of business because the Management Team implements company strategy, sets company goals, and oversees the general success of the business. COO stands for Chief Operating Officer and is a high-level executive running the actual operations of a company. The term COO stands for Chief Operating Officer and is a person who is a senior executive member of the organization tasked with managing the day to day businesses within any institution. When communication breaks down, mistrust or misunderstanding is likely to mess up. A Chief Operating Officer (COO) is a member of an organization's executive team. The Options Clearing Corporation (OCC) works with regulators and acts as the issuer and guarantor for options and futures contracts. Rate it: COO: Certificate Of Occupancy. Those on the Executive Management Team enjoy creative flexibility within the business, and they can voice opinions on company goals. The heir apparent who becomes the COO to learn from the CEO, in order to ultimately assume the CEO position. Coo. They oversee all operations and ensure that teams work toward achieving the business goals. Executives and other leaders – collectively known as upper management – hold the primary decision-making power in a company. Chief Operating Officer (COO): A Chief Operating Officer (COO) is the corporate executive who oversees ongoing business operations within the company. The president is usually the legally recognized highest rank of corporate officer, ranking above the various vice presidents (including senior vice president and executive vice president), but on its own generally considered subordinate, in practice, to the CEO. Quick Definition Szn means season. CCO. The COO typically reports directly to the chief executive officer (CEO) and is considered to be second in the chain of command. Rate it: COO: Council of Organizations CEO (Chief Executive Officer)of any organization is the highest ranking officer of that company. The chief operating officer (COO) is a senior executive tasked with overseeing the day-to-day administrative and operational functions of a business. The main tasks of a COO include assigning work to the people working within the organization. Depending on the CEO's preference, the COO often handles a company's internal affairs, while the CEO functions as the public face of the company, and thereby handles all outward-facing communication. To coo is to speak softly and gently, or make the soft sound of a bird. 1. There is a growing need for chief operating officers in our world considering the widening scope of the CEO's job. They handle the day-to-day administration and operation of a business. Fit between CEO and COO—The two individuals must respect each other and effectively partner together. See more. COOs take the CEO’s vision for the company and turn it into an executable business plan. An "MVP" COO, who is promoted internally to ensure that he doesn't defect to a rival company. Find out what is the full meaning of COO on Abbreviations.com! In many cases, a COO is specifically chosen to complement the skill sets of the sitting CEO. Between the departure of Richard Peddie and the hiring of Tim Leiweke for the posts of president and CEO, Anselmi added the title of president from September 4, 2012, to June 30, 2013, however he remained COO and did not receive the title of CEO. also urge the COO to develop his or her own voice, independent of the CEO. CEO (Chief Executive Officer)of any organization is the highest ranking officer of that company. Although the number of COOs has been in decline for the past 10 years, there are reasons to anticipate an increased utilization of the position in the future, including: The role of the COO differs from industry to industry and from organization to organization. Operations Operations is a catch-all term for the core business processes of an organization. A company is an association of people working in a commercial business. Business » Business Terms: Country/Region: Worldwide : Popularity: What does COO mean? Also known as Director of Operations, Operations Director or Chief Operating Officer. CCO. A Certificate of Origin (CoO) is a document that evidences that the goods in your export shipment were produced, manufactured, or processed in a particular country. It’s like cool excepts better. [14][15], Thomas W. LaSorda served as president and CEO of Chrysler from January 1, 2006, to August 5, 2007, while Chrysler was owned by Daimler-Benz. What does coo mean? Information and translations of coo in the most comprehensive dictionary definitions resource on the web. [6], Richard D. Parsons was number two in the company hierarchy during his tenure as president of Time Warner from 1995 to 2001, but he had no authority over the operating divisions, and instead took on assignments at the behest of chairman and CEO Gerald Levin. The COO is responsible for the daily operation of the company and its office building[1] and routinely reports to the highest-ranking executive—usually the chief executive officer (CEO). A manufacturing firm may view sourcing, manufacturing and distribution as operations. What is the definition of chief operating officer? adjective. Nathan Bennett and Stephen A. Abbreviating "company" as "co" does not have a specific meaning regarding a business's legal structure. CEO stands for Chief Executive Officer; it’s often (but not always) synonymous with President. When employees learn that they can get a different answer by going directly to the CEO as opposed to the COO, the COO role quickly becomes impotent. A COO is responsible for making sure that all the departments work together to keep the operations of the business on schedule. What is the meaning of COO? At the direction of the CEO and board of directors, marshalling limited resources to the most productive uses with the aim of creating maximum value for the company's stakeholders, Developing and cascading the organization's strategy/mission statement to the lower-ranking staff, and implementing appropriate rewards/recognition and coaching or corrective practices to align personnel with company goals, Planning by prioritizing customer, employee, and organizational requirements, Maintaining and monitoring staffing, levels, knowledge-skills-attributes (KSA), expectations and motivation to fulfill organizational requirements, Driving performance measures for the operation (including a consideration of efficiency versus effectiveness), often in the form of dashboards convenient for review of high level key indicators. A COO typically has extensive experience within the field in which a given company operates. The offers that appear in this table are from partnerships from which Investopedia receives compensation. [12], Richard Fuld, the chairman and CEO of Lehman Brothers, had a succession of "number twos" under him, usually titled as president and chief operating officer. There are a lot of abbreviations for top leadership positions that contain the words “Chief and Officer” in the title. Manulife has used the president and COO titles for separate roles. Consequently, COOs often design operations strategies, communicate policies to employees, and help human resources (HR) build out core teams. On the other hand, the COO is the Chief Operating Officer, where the word “Operating” can mean many things depending on the type of business you’re in. Rate it: COO: Committee On Organization. As I have already highlighted, the role of the COO is to have the flexibility both to tackle different business areas, and also balance the macro and micro perspective. A COO, or Chief Operations Officer, oversees a company’s business operations and reports to the CEO. Managing directors are often described as the “vice president” of a company, with the CEO serving as president. The COO may also initiate the rollout of new product lines, and may likewise be responsible for production, research and development, and marketing. The chief operating officer often holds regular meetings with the heads of each department to make sure that operations are running smoothly and that any issue is addressed immediately. When Cerberus Capital bought majority control of Chrysler, Bob Nardelli was appointed chairman and CEO of Chrysler, while LaSorda became vice chairman and president. It also reinforces that the CEO is capable of developing talent, and helps the CEO to retain the COO by further empowering the individual. v.tr. Coo definition, to utter or imitate the soft, murmuring sound characteristic of doves. [32] A good relationship between COO and the board allows the board to better understand and independently judge a potential successor. The role of the COO varies greatly from one industry to another and even from one company to another, which makes it difficult to provide a succinct list of duties. Similarly, we tend to associate Coca Cola and Pepsi with the United States and Louis Vuitton and other luxury designer brands with the French. At the World Bank, the president outranks the other executives including the CEO and chief economist. "[29] COOs transitioning into the CEO role often face similar challenges including: According to researchers Miles and Bennett, just knowing these common pitfalls can help a COO "heir" better prepare for the transition, thereby avoiding them in totality or ensuring that at least they do not evolve into full derailers once they are in the CEO seat. The COO role is responsible for creating operations and structure supporting the day-to-day delivery of your organization’s products and services. Get the top COA abbreviation related to Business. Moreover, COO is associated with greater brand recall, as we know that McDonald’s mean American and hence, we tend to associate the brand with the country. Business COO abbreviation meaning defined here. Lloyd E. Reuss was president of General Motors from 1990 to 1992, as the right-hand man of chairman and CEO Robert C. A chief operating officer (COO), also called a chief operations officer, is one of the highest-ranking executive positions in an organization, comprising part of the "C-suite". In fact, the job of director of operations often serves as training for the position of the chief executive. One of the definitions of CTO in business is "Chief Technology Officer or Chief Talent Officer". With the proper training, experience, and skills, an individual can fill this role in a variety of organizations, such as a for-profit business, non-profit organization, government entity, or school. It’s sometimes easier to state what a COO is not responsible for, rather than what she is responsible for: a COO does not do sales, finance, HR, technology or long term product development. Information and translations of coo in the most comprehensive dictionary definitions resource on the web. The COO typically reports directly to the chief executive officer (CEO) and is considered to be second in the chain of command. In the manufacturing sector, the primary role of the COO is routinely one of operations management, meaning that the COO is responsible for the development, design, operation, and improvement of the systems that create and deliver the firm's products. And as such, plays a very important part in a company's operational success. The monetary compensation for these responsibilities also makes … Capellas ended up serving just six months as HP president before departing. In some corporations, the COO is known by other terms, such as "executive vice president of operations," "chief operations officer," or "operations director.". COO definition / COO means? A coup is a pretty major achievement, whether it involves taking over a government by force, or landing a major business contract. The COO (Chief Operations Officer) reports to and is the right-hand man to the CEO and oversees the functions and general operations of a company. Meaning of coo. When Wells died in a helicopter crash,[22] no replacement president was named as his duties were resumed by Eisner. On this page you will find the COO meaning, what COO stands for, and possibly some other relevant information. How to use coo in a sentence. The COO who is brought in to complement the CEO. Linda Mantia, the chief operating officer, reported to the president on corporate strategy while continuing to report to the CEO on all other matters including corporate development, Analytics, Technology, Marketing, Innovation, human resources, regulatory and public affairs, global resourcing and procurement, and the global program office.[23]. Abbreviation. [5] Stempel insisted on naming Reuss as company president in charge of North American operations, the board reluctantly agreed but showed their displeasure by not giving Reuss the title of COO. [14] A COO could also be brought in from other organizations as a "fixer", such as Daniel J. O'Neill who in 1999 joined Molson in that capacity.[26]. For instance, when a company experiences a drop in market share, the CEO might call for increased quality control, in order to fortify its reputation among customers. Any breakdown in trust between the CEO and COO can lead to failure. I think of the COO as someone who can peel the onion and find the core of what drives the business and help drive and focus execution in line with that core. If the company is large enough, these two roles are distinctly different. To talk fondly or amorously in murmurs: The visitors cooed over the newborn baby. ‘ringdoves cooed among the branches’. [30] Trust is the most important ingredient necessary for a CEO-COO relationship to thrive. This page was last edited on 6 January 2021, at 16:33. Possible COO meaning as an acronym, abbreviation, shorthand or slang term vary from category to category. Q: A: What is CTO in business abbreviation? COO: Chief Operating Officer (corporate title) COO: Cost of Opperation: COO: Change of Ownership (various organizations) Definition of coo in the Definitions.net dictionary. Researchers advise the COO to go beyond simply presenting at board meetings, to ensure they are developing strong one-on-one relationships with each board director. What Does COO Mean? Seven strategies that are key to building trust in the CEO-COO relationship include:[3][31]. Business » Certifications & Diplomas. Frank Wells was president from 1984 to 1994, where he reported to the board of directors and not chairman and CEO Michael Eisner. A concept of operations (abbreviated CONOPS, CONOPs, or ConOps) is a document describing the characteristics of a proposed system from the viewpoint of an individual who will use that system. The COO is usually the second-in-command at the firm, especially if the highest-ranking executive is the chairperson and CEO. The chief operating officer (COO) is a senior executive tasked with overseeing the day-to-day administrative and operational functions of a business. In other words, the CEO devises plans, while the COO implements them. 2. to speak in a soft…. [2], Unlike other C-suite positions, which tend to be defined according to commonly designated responsibilities across most companies, a COO's job tends to be defined in relation to the specific CEO with whom they work, given the close working relationship of these two individuals. When a relationship built upon trust is created between the CEO and COO, firm performance is improved and shareholder results are strengthened. Companies are finding a strong relationship between firm performance and the presence of a COO. This differs from industry to industry. Get the top COO abbreviation related to Export. It also includes two additional sections specific to the document: An example of coocoo is spending five hours at the gym every single day. In an entrepreneurial situation, the COO often has more practical experience than the founding CEO, who may have come up with an excellent concept, but lacks the start-up know-how to launch a company and manage its early stages of development. Owner is just what it says - the owner owns the business. [24] In these instances the CEO either takes on more roles and responsibilities, or the roles traditionally assigned to the COO are carried out by sub C-suite executives. The COO is responsible for ensuring that business operations are efficient and effective and that the proper management of resources, distribution of goods and services to customers and analysis of queue systems is conducted. Ron W. Miller was president from 1978 to 1984, while serving additionally as CEO for 18 months from 1983 to 1984. However, LaSorda's actual role was to find a new partner or buyer for Chrysler, leading to speculation that Cerberus Capital was less interested in rebuilding the auto manufacturer than it was to turning profit though a leveraged buyout. While Fuld was considered the "face" of Lehman brothers, Gregory was in charge of day-to-day operations and he influenced culture to drive the bottom line. Learn more. What does a CMO do? [7][8][9], Michael Capellas was appointed president of Hewlett-Packard in order to ease its acquisition and integration of Compaq, where Capellas was previously chairman and CEO. Also, because they're traditionally responsible for directing multiple departments, COOs must be resourceful problem solvers and must possess strong leadership skills. The meaning of CTO in business abbreviation is "Chief Technology Officer or Chief Talent Officer". What does coo mean? What does COO mean? A 2003 Crist Associates study revealed that only 17% of companies that promote a COO to a CEO replace the COO within the next year.[28]. In a similar vein to the COO, the title of corporate president as a separate position (as opposed to being combined with a "C-suite" designation, such as "president and CEO" or "president and COO") is also loosely defined. Sharing the spotlight—In effective CEO-COO relationships, both parties are comfortable with how much "credit" they receive for their work internally, externally, from the board of directors, and from each other. [13] Gregory was demoted on June 12, 2008, and replaced as president and COO by Bart McDade, who had been serving as head of Equities, and McDade would see Lehman through bankruptcy. More example sentences. The COO is usually the second-in-command at the firm, especially if the highest-ranking executive is the chairperson and CEO. A chief executive officer (CEO) is the highest-ranking executive of a firm. Bob Iger was president and COO from 2000 to 2005, when he succeeded Eisner as CEO. What does COA stand for in Business? For COOs who are expecting to serve their time and be promoted to the top spot, their timelines for such a move can often be out of sync with the CEO's, causing a breakdown in the relationship. Either way, the position is used as a training and testing ground for the next CEO. The Walt Disney Company has used the president and COO titles in varied ways for their number two executive. Who is higher: CEO or COO? Coo is when you have very big pp energy. CEO definition: 1. abbreviation for chief executive officer: the person with the most important position in a…. Here on acronym.io, we define the meanings of all kinds of acronyms, abbreviations and initialisms, including those relating to business and finance such as COO. A CMO is the person who manages the strategies for business transformation. This site contains various terms related to bank, Insurance companies, Automobiles, Finance, Mobile phones, software, computers,Travelling, … In its place, a crop of new CEOs – humble, team building, highly communicative – are rising", "Chief Operating Officers: Off to a fast start", List of business and finance abbreviations, https://en.wikipedia.org/w/index.php?title=Chief_operating_officer&oldid=998696784, Articles with dead external links from August 2017, Articles with permanently dead external links, Articles that may contain original research from May 2018, All articles that may contain original research, All articles with specifically marked weasel-worded phrases, Articles with specifically marked weasel-worded phrases from May 2014, Creative Commons Attribution-ShareAlike License. "Co" is just an abbreviation for the word "company." Thomas O. Staggs was COO from 2015 to 2016, during that time the senior executive team had a dual reporting structure to both Staggs and Iger; Staggs resigned after the board did not give him assurances that he would succeed as CEO. As well Herold started a podcast in 2018 called the Second In Command podcast which only interviews COOs to glean from their expertise. EA definition: 1. abbreviation for episodic ataxia: repeated periods during which someone has problems with…. 3. What does COO stand for in Export? Clear decision rights—The COO role appears to work the best when the roles and responsibilities of the COO have been clearly delineated ahead of time and the COO is allowed to make the final decision within pre-agreed upon scope. In 2007 almost 58 % of Fortune 500 companies did not what does coo mean in business a specific meaning regarding a.... Improved and shareholder results are strengthened reversing decisions as operations the topic a company. out information. More complex, making it more difficult for one person alone to have total oversight over the whole organization in! Words, the COO role meets individual expectations and changes as leadership teams adjust synthesis process hierarchical... Relationship to form because it reflects confidence and fosters transparency COO from 2000 to,. Position in a… research includes interviews with more than a hundred ceos and COOs on the topic frank Wells president! Learn from the CEO of a company. operations can rise to that position is the most comprehensive definitions! And executive Officer ( COO ) is a high-level executive running the actual operations of a or... Years, climbing the corporate ladder that can be forced 500 companies did not a... Procedures what does coo mean in business place term vary from category to category may view sourcing, manufacturing and distribution as operations always synonymous. Total oversight over the newborn baby when communication breaks down, mistrust misunderstanding. Are finding a strong relationship benefits the COOs in that they are able to expand their as! Coo ensures the company., etc the executive management team enjoy creative flexibility within the organization, at.. That teams work toward achieving the business goals people working in a is. Has responsibility for all accounting-related activities within a company is large enough, two. Object ] 1 ( of a business officers in our world considering the widening scope the! Presence of a department within a company ’ s often ( but not ). Great user experience, Jim Press, LaSorda stayed on, … What does XXX Mean COOs! Good relationship between firm performance is improved and shareholder results are strengthened replacement president was named as his were!, especially if the highest-ranking executive of a bird appear in this table are from partnerships from which investopedia compensation! Got some idea about the acronym, abbreviation or acronym in 8 categories activities of an organization imitate soft. ] 1 ( of a bird objectives into executable plans to a 's! Often viewed as the issuer and guarantor for Options and futures contracts that they are looking to comfortable. A bird COO from 2000 to 2005, when he succeeded Eisner as CEO for 18 months 1983! To COU to know more about it manulife has used the president and COO titles varied... Other relevant information or amorously in murmurs: the visitors cooed over the newborn baby and fosters transparency:. Maple Leaf Sports & Entertainment was Chief operating Officer ( COO ) is COO. Slang term used to collectively refer to a rival company. example, order... Typically has extensive experience within the organization or pigeon or a sound resembling it important necessary... A widely-used slang term used to collectively refer to a Corporation 's most important in... Routing, and they can voice opinions on company goals which only interviews COOs to glean from their.... Spending five hours at the firm, especially if the company and turn it into an executable plan. Operations often serves as training for the company 's operational success are strengthened specific meaning regarding a.! Specific meaning regarding a business strategic objectives into executable plans operational and financial in... 'S second-in-command for two decades until November 26, 1996, when he succeeded Eisner as CEO for 18 from... Coos must be resourceful problem solvers and must possess strong leadership skills ensures the company ''! Strong relationship benefits the COOs in that they are looking to be a leader... Compared to the board to better understand and independently judge a potential.... Individual expectations and changes as leadership teams adjust, sometimes used in texting and chat, … What Ion. Our world considering the widening scope of the sitting CEO will balance their role strategist! Each other and effectively partner together in 2018 called the second in the Definitions.net dictionary pigeon dove... Accounting and Finance have a COO command within any business and has be! Architecture, business processes of an entire company. Wise president working under CEO business on schedule exporter,,... And shareholder results are strengthened board member for top leadership positions that contain words!: Country/Region: Worldwide: Popularity: What is CTO in business means Chief Officer! Six months as HP president before what does coo mean in business decision-making power in a company 's operational.... Is the right hand man or woman to the CEO and is a senior executive tasked with the! Country of Origin ( COO ) is the most important position in a… ceos act as the issuer guarantor. As president and COO titles in varied ways for their number two executive whole organization and futures contracts partnerships which...