CBOT Chief Operating Officer Bryan Durkin said, “The CBOT’s initiative takes open auction trading to a new level, bringing greater speed and efficiency to the electronic order routing process. Customers will benefit from straight-through processing, which results in faster fills of orders, and from instant trade matching. This initiative significantly enhances the trading environment at the Exchange, meeting the demands of our customers worldwide who continue to turn to the CBOT’s transparent, open and liquid markets to manage risk.”
The CBOT’s initiative combines a trade matching engine and the functionality of the Exchange’s existing hand-held technology and order routing devices, allowing traders to communicate with each other through the devices. Trades entered through the devices are checked immediately and sent directly to the trade matching engine, which quickly matches trades and sends them automatically to clearing for final processing.