I'm thinking this is bad. NYBOT (due to the ICE acquisition) will certainly list their contracts electronically and soon. Having exact duplicates on NYMEX will only weaken the possibility for these new contracts to attract liquidity, particularly with side-by-side trading happening at NYBOT. One wonders why NYMEX didn't do this 3 years ago? Had they, NYBOT would have been in serious trouble.
Good point FA...I imagine Globex wins in the long run. Trading CL (in the short term) is a dream now, but where to find liquidity for the nearby contracts could be interesting come January. I've not traded on ICE, so don't know how it "feels". As mentioned, the outcome should be interesting to say the least...
Am i imagining things, or does this look like a last minute value adding effort? Its ALL going electronic, soon enough, right? In five years time, it wouldnt surprise me if the entire north american bourse is flying under one banner.
Did anyone hear anything about these contracts before yesterday? They really didn't give a lot of nitice on this, how do they expect to attract volume if noone know about the contracts?
It's about time somebody did it. NYBOT snoozed (and so did nymex for that matter in waiting so long... everyone cheering about record vol. etc... why didn't they do it in '96 instead of '06?) But it is good news for me as I'm tired of dealing w/ those bandits on floors.
Wow, I had totally missed that part of the press release: "beginning today at 6:00 PM for trade date December 21 ." IQfeed has these symbols: QKT - Coffee QFJ - Orange Juice QFT - Sugar #14 QYO - Sugar #11 QCJ - Cocoa QTT - Cotton Cotton shows a trade on 7/9/07, but that could just be bad data. Otherwise, none of them show any trades in the front month today. Sounds like NYMEX didn't do that hard work of actually attracting a market maker or two. This has the feeling of a "stick it to NYBOT" move, rather than a serious contract.
Someone posted this link: http://www.nymex.com/press_releas.aspx?id=pr20070103a on the IB forum -- supposedly the softs are already trading on GLOBEX. IB posted they will offer these -- can anyone from IB confirm once again and maybe give an estimated date? I'll miss getting robbed blind in the NYBOT pits, but all good things must come to an end