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CME Launches New Foreign Exchange Cross-Rates

Date 16/05/2002

Chicago Mercantile Exchange Inc. (CME) will launch trading in 13 new foreign exchange (FX) futures contracts today, May 16, at 8 a.m. (Central time). The contracts will trade on CME’s GLOBEX® electronic trading platform or as All-or-None (AON) transactions executed via open outcry on the trading

Regular trading hours in the new products will be from 4:30 p.m. (5:30 p.m. on Sundays) until 4 p.m. the following day on GLOBEX, with AON trading available from 7:20 a.m. until 2 p.m., Monday through Friday. The new contracts include 11 non-dollar cross rates and two dollar-based contracts, and all specify physical delivery at expiration.

The new futures contracts are:

Non-Dollar Cross-Rates

British Pound/Swiss Franc (BP/SF)
Euro FX/Australian Dollar (EC/AD)
British Pound/Japanese Yen (BP/JY)
Euro FX /Canadian Dollar (EC/CD)
Canadian Dollar/Japanese Yen (CD/JY)
Euro FX/Swedish Krona (EC/SKr)
Swiss Franc/Japanese Yen (SF/JY) Euro FX/Norwegian Krone (EC/NKr)
Australian Dollar/Canadian Dollar (AD/CD)

U.S. Dollar-Based Contracts

Australian Dollar/New Zealand Dollar (AD/NE)
U.S. Dollar/Swedish Krona (USD/SKr)
Australian Dollar/Japanese Yen (AD/JY)
U.S. Dollar/Norwegian Krone (USD/NKr)

CME currently lists three Euro-based cross rates—on the British pound, Japanese yen and Swiss franc. The products trade virtually around the clock on CME’s GLOBEX platform and may be traded via open outcry as AON transactions, with a five-lot minimum. In addition, CME trades the following U.S. dollar based foreign exchange products: Australian dollar, Brazilian real, British pound, Canadian dollar, Euro FX, E-mini Euro FX, Japanese yen, E-mini Japanese yen, Mexican peso, New Zealand dollar, Russian ruble, South African rand and Swiss franc.

Volume in CME foreign exchange products has risen 12 percent year-to-date through April over the same period last year, totaling 7.5 million contracts.

Chicago Mercantile Exchange Inc. (www.cme.com) is the largest futures exchange in the United States. As an international marketplace, CME brings together buyers and sellers on its trading floors and GLOBEX around-the-clock electronic trading platform. CME offers futures contracts and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities