The decision to migrate was based on an extensive evaluation of leading electronic trading systems. LIFFE CONNECT, developed by the London International Financial Futures exchange, was selected because of its rich business functionality and superior technical architecture. LIFFE Connect has technical and application architecture that reflects the most recent generation of technology upon which the system is built. We expect this architecture to offer us additional flexibility to scale quickly and efficiently with increasing trading volumes, to be responsive to additional data and information demands from our customers and members, and to leverage the infrastructure across other CBOT business initiatives where appropriate. Functionally, LIFFE Connect can result in enhanced trading capabilities, better reporting, more flexible matching algorithms, and the ability to accommodate anticipated future trading needs.
The wide range of competitive advantages offered by LIFFE Connect are crucial for the CBOT to deliver on our promise of providing the highest levels of integrity, liquidity, and flexibility to the global electronic trading community.
Electronic trading platform competitive advantages can help your trading business be more effective and profitable
- Greater trading flexibility
The new electronic trading platform allows for more flexibility in defining contract specifications. In addition, the new platform will provide for diverse and complex trading opportunities.
- Enhanced reporting and historical information
Real time, online trade and order information is readily available to all users. LIFFE CONNECT also provides customers with a large variety of historical market data and information.
- For many customers, LIFFE CONNECT is a familiar platform
A significant portion of CBOT electronic trading volume originates from customers and members who are already connected to LIFFE. As a result, we expect the transition to be seamless to the user community.
- Complete front end compatibility All major front-end providers support the LIFFE Connect open architecture. Therefore, traders will not need to be subjected to changes to their trading screens and can continue with "business as usual".
Throughout 2003, a/c/e will be fully supported; a/c/e 1.1 release is scheduled for March 2003 and all current support resources will continue to be available.
Seamless migration plans have been prepared
The CBOT is taking every necessary step to ensure that each member and customer can migrate smoothly and confidently, by providing:
- Constant personal communications about the processes and timing from CBOT migration team members
- User forums, multiple simulation environments, and dedicated account managers to insure member and user readiness
- Virtual partnership with major ISVs to insure their integration into the entire process
- A website with functional information, API information and documentation, manuals and CBOT specific information
- Training for technical staff
