Chicago Board of Trade (CBoT) has caused some consternation
among market participants with its decision to turn off some of
the functionality on its electronic platform.
The latest upgrade of the Ace system includes an enhancement
enabling the exchange to disable auto-legging functionality on
a product by product basis. Auto-legging, which allows traders
to enter spread trades into the order book, will be switched
off on 14 April for the 10- and 30-year treasury futures
The move has confused some market participants who see the
spread trading capability as one of the advantages of
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