Chicago Mercantile Exchange (CME) has received regulatory
approval from the Australian government to offer direct Globex
access in the country.
The development means brokers in Sydney and Singapore will
now directly compete for Eurodollar futures business. This
promises to increase rivalry between the two centres,
particularly in the debate over electronic versus floor
Sydney brokers say their two to three hour earlier opening
time over Singapore could see them take more electronic
Eurodollar orders while Singapore brokers say their established
pool of floor liquidity will see them keep the business.
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