Euronext Liffe executives blasted a new rule implemented by
Chicago Mercantile Exchange (CME) that limits the movement of
open interest in Eurodollar futures from CME to Liffe.
Liffe has written to Commodity Futures Trading Commission
(CFTC) to protest against the rule change, which it deems
anti-competitive. Sources close to the exchange indicated the
matter could escalate into a major row.
CME announced a week ago that it had implemented a new rule
that prohibits certain block trades on one exchange being
simultaneously offset on CME (see FO Week Vol 9 No
27). CME officials said the rule change, filed with CFTC, was
meant to prevent manipulation of the market through "fictitious
trades" or "wash trades." They insisted it was not an
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