Following his firm's deal to offer access to Eurex US to
customers, Trading Technologies (TT) ceo Harris Brumfield has
issued a statement refuting claims from some Chicago Board of
Trade (CBoT) members that he is a "traitor" to the
The deal, announced on 3 December 2003, offers existing
customers of both TT and Eurex free access to the forthcoming
Eurex US exchange at no extra cost for two years, as well as a
free three-month upgrade to TT's X-Trader Pro system. Eurex
will provide financing for these offerings.
However, some CBoT traders have expressed discontent at the
announcement, notably through the exchange's TradeTalk message
board, which is only available to members.
Amongst the comments Brumfield took issue with in his statement
are accusations that he has "sold out on America and the CBoT,"
and that "this is the worst sell out by any member on this
exchange, of this exchange."
In response, he argued that CBoT had the opportunity to
cooperate further with TT before the Eurex deal. His statement
reads: "Up to this point, CBoT has elected not to become even
more strategically aligned with TT. I respect their decision.
But? TT's position? has been CBoT's decision.
Countering claims that TT has only signed the deal because
Eurex has agreed to buy its software, Brumfield said:
"Regardless of the software purchase, we were connecting to
Eurex US. Simply, our customers demanded it. TT had absolutely
no sane choice but to connect to Eurex US."
He also points out that: "TT's mission has always been and
continues to be to provide the best trading platform to the
exchanges we write to, including CBoT."
Not all traders are opposed to TT's decision. CBoT member
Leonard Goldstein told FO Week: "Mr Brumfield did what
any prudent businessman would have done, he took the best deal
[available] to him. The present [CBoT] leadership understands
the challenge it faces and the USA will not lose its dominance
to a foreign competitor."
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