The first trade to be processed through the new Common Clearing Link was a CBOT Fed funds contract that was posted at 7:03 p.m. Sunday night. In its initial day of operation, the CME/CBOT Common Clearing Link cleared 375,541 contracts, and open interest stood at 2,628,407 contracts at Monday's close.
"We're pleased to report that the Common Clearing Link weekend conversion was seamless and the launch was a success, as our firms continue to cooperate in an exemplary manner," said Terry Duffy, CME Chairman. "Thanks to a comprehensive process of information sharing, dialogue and testing with firms, we have created an even stronger program than was originally envisioned when we announced this ambitious initiative in April."
"In a matter of months, we were able to meet every deadline, conduct comprehensive testing with 100 percent participation by firms and introduce an important new Web-based electronic delivery system that far exceeds the system currently in place. The successful implementation of phase one smoothes the way for phase two on January 2 when we will begin to clear all CBOT products," said Craig Donohue, who will become CME's CEO on Jan. 1, 2004. "More importantly, the high correlation between CME and CBOT products is translating into immediate and substantial savings for our clearing firms and their customers."
Chicago Mercantile Exchange Inc. (www.cme.com) is the largest futures exchange in the United States. As an international marketplace, CME brings together buyers and sellers on its trading floors and GLOBEX® electronic trading platform. CME offers futures and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities. CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE: CME), which is part of the Russell 1000® Index.
