Chicago Board of Trade (CBoT)'s gold complex last week
continued to make major volume strides, increasing its overall
market share in precious metals trading. However, with New York
Mercantile Exchange (Nymex)'s Comex division also seeing volume
gains some have questioned whether the overall pie has grown or
whether CBoT has begun to take the market from Nymex.
The Chicago exchange, which has been growing its gold
volumes steadily by targeting retail traders and hedge funds,
posted a record in open interest on 12 May with 60,323
contracts, a 59% jump since the end of April. Meanwhile,
full-sized gold futures volume at the exchange hit 62,002
contracts on 17 May, its second record in a week.
CBoT's market share in US precious metals has continued to
grow steadily despite volume growth in gold futures on both
exchanges. With just a 15% market share in gold on 20 January,
when CBoT traded a then-record 23,425 contracts, the exchange
has consistently held around 35% of the US market to press date
in May. That has led many to believe that CBoT's electronic
battle against the pit traded contract is nearing a tipping
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