Question mark over potential of ICE platform
Intercontinental Exchange (ICE) CEO Jeff Sprecher has
rebuffed Chicago Mercantile Exchange (CME) barbs regarding its
offer for Chicago Board of Trade (CBoT), arguing that ICE will
soon roll out new top-speed trading platform upgrades and
clearing capacity to handle CBoT volume.
Sprecher, in a conference call with Wall Street analysts on
26 March, said ICE plans to launch an upgrade to its trading
platform in the second quarter that "will significantly
outperform all other major derivatives platforms by the end of
this year and reduce round-trip times to the single digits of
Sprecher added that ICE could handle trading of CBoT's
interest rate and agriculture contracts within a few months,
something that some critics have said would not be
Sprecher's comments come in response to a CME meeting with
CBoT shareholders on 22 March during which CME executives said
it has spent over $1bn upgrading the Globex platform and
clearing system while questioning whether ICE had the trading
and clearing ability to handle CBoT's volume.
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