Soaring electronic volumes raise perennial questions
As electronically traded volumes continue to rise in
Chicago, the two main exchanges' policy of offering both floor
and screen trading is coming under increasing market
Electronic trading continues to dominate volumes at Chicago
Board of Trade (CBoT) and is making substantial gains at
Chicago Mercantile Exchange (CME). The trend begs the question,
just when will the pits finally give way to electronic trading
Volume on CBoT's Ace platform from January through 28 August
accounted for over 51% of total exchange volume with 150.1m
contracts traded on the electronic platform. The Ace volume
percentage is a major shift from last year's volume profile at
CBoT when electronic trading represented 34.7% of the total
volume at the exchange.
Meanwhile, CME's Globex continues to post major volume
figures with 182m contracts from January through August, up
nearly 60% over the same period last year. Globex volume
represented 43% of the exchange's 423.6m contracts traded. That
is up from January to August 2002 period when Globex's 113.9m
contracts accounted for 31% of the 366.8m contacts traded at
CME. Foreign exchange futures trading was particularly strong
on Globex with volumes on the platform averaging nearly 57,000
contracts daily in August, an 81% jump over August 2002.
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