CME - Globex exceeds pit volume for 3/04

Discussion in 'Financial Futures' started by ktm, Apr 24, 2004.

  1. ktm


    Music to my ears. Excerpt below...full article through the link.

    "Since going public, the Merc has pursued a growth strategy of finding new products and markets. And that has meant a push toward electronic trading.

    Long identified with the action in its frenzied pits, the Merc realizes most of its revenue from trading conducted on its Globex computer system. In March, for the first time in the exchange's monthly reports, Globex volume exceeded the trading in the pits.

    Reviewing near-term priorities for an audience of about 200 at the Chicago Hilton & Towers hotel, Chairman Terry Duffy neglected to mention what used to be a standard line for exchange executives, that continued investment in the trading floor was a priority. Instead, Duffy's focus was Globex.

    "Electronic trading is without a doubt the competitive battleground of the future,'' Duffy said. "Offering CME products on Globex and making them accessible to investors around the world is a critical part of our growth strategy.''

    The Merc is benefitting from greater market understanding of futures trading, which is one factor behind record volumes at the Merc and other major exchanges. Its biggest product line is Eurodollar futures, an interest-rate contract receiving heavy attention from the traders as the markets speculate about actions of the Federal Reserve."