CBOT Marks One Year Of Side-By-Side Trading

Following through on its commitment to defeat any competitive threat to its business, the Chicago Board of Trade announced today (September 27) that Tuesday, September 28, will mark the one-year anniversary of its successful side-by-side trading program. The program, supported overwhelmingly in an August, 1998, membership vote, provides members and customers with daytime open outcry and electronic trading opportunities for the exchange's Treasury contracts. Designed as a program to give customers a choice in their trading method, side-by-side trading runs from 7:20 a.m. to 2:00 p.m., Monday through Friday. It applies to the Treasury market only. CBOT Chairman David P. Brennan said, "The membership took a proactive and aggressive step when they introduced side by side trading one year ago. The decision has proven to be the right one &endash; our open outcry and electronic markets remain the best in the world. We continue to move forward with a variety of initiatives, such as our alliance with Eurex, to strengthen and advance our competitive position." CBOT President/CEO Thomas R. Donovan said, "It is clear from the last year's trading volume that customers greatly prefer our open outcry markets, which have made great strides in efficiency through order routing and other technological enhancements. Through our global alliance with Eurex and other initiatives, we will continue to give our customers what they want, as our members have proven they will do whatever it takes to compete and to win."