Does somebody in the CME press department have a
wicked sense of humour, or was it merely unintentional that the
headline on a recent announcement raised a brief gasp from the
otherwise unflappable hacks in the FO Week office? "CME to
Close Open Outcry Trading of Interest Rates?" was all that fit
into the subject field of one email inbox - big news indeed
until closer examination revealed the somewhat less sensational
second half: "?at 1pm In Coordination with Related Markets and
In Response to Customer Requests." Not, then, the long-awaited
closure of the pits, but a one hour reduction in trading hours
for one day, in response to the east-coast blackout. An
anti-climax this time, but how long before those capital
letters are wheeled out for The Real Thing?
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