Chairman David P. Brennan stated, "The CBOT is moving closer to our goal of a near-paperless trading floor environment that provides its customers quicker trade confirmations and the market liquidity that the Exchange is known for worldwide. The e-openoutcry.com routing option is the final component of a comprehensive technology business plan for linking CBOT member firms directly to floor brokers."
Interim President/CEO Dennis A. Dutterer said, "This package of electronic order routing options for our members and member firms demonstrates the CBOT's ongoing commitment to meet our customer's needs by electronically entering orders direct to floor brokers and executing them through the open outcry market."
More than 20 firms using e-openoutcry.com on trading screens in domestic and international offices will be ready to participate on the launch date. Additional member firms are in the queue to participate post-launch.
Electronic order routing continues to increase as a percentage of total orders delivered to CBOT floor brokers. More than 30% of agricultural orders and 16% of financial orders currently are being routed electronically direct to brokers. Over 70% of the most active CBOT brokers are using order receipt devices in the trading pits. Approximately 400 CBOT devices are being used on the trading floor by members and member firms to provide enhanced service to its customers.
Other routing options available to member firms include the OrderDirect API to link a member firm's proprietary or vendor order management system to the CBOT routing network and CBOT Comet, an on-floor order entry device used by member firm staff to support flashed-order/headset routed orders.
For more information on e-openoutcry.com, contact Tom McCabe, Managing Director, at +312-341-3121 or Jo Ellen Schroedter, Marketing Director, at +312-341-3104.
