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CBOT And Eurex Set Date For Simulation On Alliance Trading Platform - Alliance On Target For Third Quarter Launch

Date 21/06/2000

The Chicago Board of Trade (CBOT) and Eurex announced today that functional simulation on their joint electronic trading platform will begin July 17, 2000. Functional simulation is the last step before the launch of the CBOT/Eurex Alliance platform, which is on target for the third quarter 2000. Functional simulation provides participating firms and traders with the opportunity to test new installations and familiarize themselves with the platform's trading functionality.

Eighty-five financial firms represent the launch wave of CBOT members trading CBOT products via the Alliance network. During simulation these 85 firms will trade from 107 different network connections around the world.

CBOT Chairman David Brennan said, "Simulated trading on the new Alliance network marks an important milestone in the implementation of this joint venture. The Alliance is a signal to the global trading community that the CBOT and Eurex are indeed the market leaders of today and the future. The Alliance will expand our existing business, create new opportunities for our members and customers, and bring substantial value to the exchange. This initiative is a top priority, and is firmly on schedule for a third quarter launch.

Eurex CEO Jörg Franke said: "The start of simulation brings us a step closer to our goal to provide our members with direct access to an increased range of world class products at lowest cost through the use of one electronic trading platform and one network by the third quarter of this year. The next step will be to complete our global approach by teaming up with a strategic partner in Asia."