CBOT President and CEO Bernard W. Dan said, “During the last few years, the CBOT has recommitted itself to raising the level of technology it deploys in order to maintain its position of leadership within the changing landscape of the derivatives industry. The upgrade will not only increase the functionality available on the CBOT electronic trading platform, but the enhancements also are designed to expand global access to CBOT products and build further liquidity across all product categories.”
CBOT Chief Operating Officer Bryan T. Durkin said, “We are looking forward to introducing the upgrade, a collaborative effort that is the result of an open and ongoing dialogue with our customers. This initiative will increase risk management opportunities for our customers and also will provide enhanced speed and capacity for the CBOT’s electronic trading platform.”
New functionality on the CBOT electronic trading platform will include order book management, which will enhance firms’ ability to oversee the entirety of their risk exposure across multiple users. Additionally, stop orders will exist at the host level, expanding the number of order types directly accessible via the CBOT’s electronic trading platform, and nine inter-commodity spread strategies for financial products will be added to the system.
As a complement to the upgrade’s new functionality, the CBOT will complete the implementation of its North American Trading Host, moving the epicenter of the Exchange’s electronic trading platform to Chicago from London. Additionally, as announced recently, the CBOT will expand the number of trading hours on its electronic platform. The initiative will make CBOT’s transparent markets for interest rate, equity index and metals products available to electronic market users for an additional hour each day, bringing the trading day to 22 hours.
Also coinciding with the platform upgrade will be a series of changes to the CBOT’s transaction fee schedule. The new schedule, which was approved by the CBOT Board of Directors in May, will go into effect on October 1. The full pricing schedule is available on the Exchange website. irectors in May, will go into effect on October 1. The full pricing schedule is available on the Exchange website. Click here to go to the pricing schedule.
