CHICAGO (HedgeWorld.com)âThe Chicago Board of Trade will upgrade its electronic trading platform in October. The upgrade, designed to increase speed and capacity, also means that CBOT and Euronext.liffe customers will be on the same version of LIFFE Connect for the first time, exchange officials said in a press conference Monday. As a complement to this upgrade, the CBOT will complete the implementation of its North American Trading Host, which will move the center of the electronic trading platform to Chicago from London. Also, it will expand the number of trading hours on its platform. The enhanced functions of the system include order book management, stop orders and the use of inter-commodity spreads strategies. Changes to CBOT's transaction fee schedule will coincide with the platform upgrade. The fee schedule involves three distinct account types, called levels one to three. Level one accounts (individual members trading for their own accounts) will pay US$0.05 per contract rather than $0.03 on some transactions as at present. Fees for level two accounts (non-members trading for a member's accounts, whether for individuals or firms) won't change. Fees for level three (non-members trading either futures or options accounts) will increase on some transactions from US$0.30 to $0.45 per contract. At the press conference held to announce the technology and fee changes, Bernard Dan, president and chief executive of CBOT, said that this was part of a busy period at the exchange. The board has completed a review of "expressions of interest" and has decided to proceed with its initial public offering. On that subject, Mr. Dan said that the CBOT is "officially in its quiet period." The conference was co-hosted by Mr. Dan and Bryan Durkin, CBOT's chief operating officer. Mr. Durkin said that the upgrade is a "collaborative effort that is the result of an open and ongoing dialogue with our customers." Separately, the CBOT recently announced a memorandum of understanding with the Singapore Exchange allowing the two exchanges to explore futures and options-on-futures contracts on Asian-based commodities. One of the reporters at the conference asked whether any "hardware overhaul" was planned. The executives said that there won't be any immediate hardware change, but left open the possibility of "infrastructure" improvements within the next year.
CBOT TO UPGRADE ITS PREMIER ELECTRONIC TRADING PLATFORM New functionality, other enhancements designed to meet customer demand Chicago, IL, August 29, 2005 â The Chicago Board of Trade (CBOT®) announced today that in response to requests from customers, the Exchange will upgrade its electronic trading platform on October 9, 2005. This initiative is a critical element of the Exchangeâs strategic approach to delivering premier technology to its markets and will add expanded functionality to the CBOT system, powered by LIFFE CONNECT®. CBOT President and CEO Bernard W. Dan said, âDuring the last few years, the CBOT has recommitted itself to raising the level of technology it deploys in order to maintain its position of leadership within the changing landscape of the derivatives industry. The upgrade will not only increase the functionality available on the CBOT electronic trading platform, but the enhancements also are designed to expand global access to CBOT products and build further liquidity across all product categories.â CBOT Chief Operating Officer Bryan T. Durkin said, âWe are looking forward to introducing the upgrade, a collaborative effort that is the result of an open and ongoing dialogue with our customers. This initiative will increase risk management opportunities for our customers and also will provide enhanced speed and capacity for the CBOTâs electronic trading platform.â New functionality on the CBOT electronic trading platform will include order book management, which will enhance firmsâ ability to oversee the entirety of their risk exposure across multiple users. Additionally, stop orders will exist at the host level, expanding the number of order types directly accessible via the CBOTâs electronic trading platform, and nine inter-commodity spread strategies for financial products will be added to the system. As a complement to the upgradeâs new functionality, the CBOT will complete the implementation of its North American Trading Host, moving the epicenter of the Exchangeâs electronic trading platform to Chicago from London. Additionally, as announced recently, the CBOT will expand the number of trading hours on its electronic platform. The initiative will make CBOTâs transparent markets for interest rate, equity index and metals products available to electronic market users for an additional hour each day, bringing the trading day to 22 hours. Also coinciding with the platform upgrade will be a series of changes to the CBOTâs transaction fee schedule. The new schedule, which was approved by the CBOT Board of Directors in May, will go into effect on October 1. The full pricing schedule is available on the Exchange website. Click here to go to the pricing schedule. Contact: Maria Gemskie 312.341.3257 news@cbot.com
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Also coinciding with the platform upgrade will be a series of changes to the CBOTâs transaction fee schedule. www.cbot.com/clearing