I was just wondering if anywhere in the world there is a comparably liquid FX futures market - I do not like monopolies
Peblo-As long as the single “monopoly” exchange charges fair fees and for that keeps up on technology and has the capital to protect counterparty risk, I prefer a single marketplace where there is true price discovery and time order priority, to many exchanges. For example, IMO, the CME model is much better than the equity model in the US where we have many ECNs, exchanges and ATS/Dark pools. The Option markets are just as bad with 16 option exchanges. There is no time order priority between markets so no incentive to show your best bid/ask. You place your order on the wrong one, you are less likely to buy on the bid or sell on the offer, until the entire book is filled. And, to make it worse, most of the equity and option exchanges are owned by a few companies with no real competition between them to reduce fees or offer a better product.
488 contracts volume for EUR/USD - that is ridiculous. It seems if CME was closed one day there would be nowhere to trade FX futures