Chicago Mercantile Exchange (CME) announced Tuesday a
proposal to move the two front-month Eurodollar futures
contracts onto its electronic trading platform, Globex, just
days before Euronext Liffe is scheduled to launch its own
Eurodollar futures contract.
Under the proposed plan, CME will ask its Class B
shareholders to give its board of directors authority to move
the front two Eurodollar futures contract months out of the pit
and onto Globex.
Management would have the authority to move those contracts
onto Globex if they fail to reach at least 25% of total
Eurodollar trading volumes during CME's regular trading hour
session by 12 March. Also, if electronic trading volumes of
those contract months fall below the 25% threshold in the
future for two consecutive five-day trading periods, measured
from the end of each trading week, CME's board will be
authorised to shift them to the screen.
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