The sigh of relief breathed by Locals in Singapore on the
signing of a new MOS agreement between SGX and CME will no
doubt have been muted by the knowledge that it does not
guarantee longevity for their trading floor.
Despite the best efforts of CME, significant Eurodollar
volume has not yet been attracted to Globex. But the key word
in that sentence is 'yet', and while the MOS clearly continues
to make a great deal of sense in the short term, the ultimate
goal will still be to capture global volume in the contract on
the electronic platform. The improvements introduced earlier
this year are, in all likelihood, only the beginning.
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