CME Board Recommends Moving Deutsche Mark Futures To GLOBEX®2 System.

The Chicago Mercantile Exchange (CME) Board of Directors has approved a plan to shift the CME's Deutsche Mark futures contract from the trading floor to its GLOBEX2 electronic trading system during regular trading hours. The switch would take place no later than August 3, subject to member and regulatory approval. The move is part of the CME's continuing transition to its Euro FX currency futures and options contracts that began trading January 4 in connection with the start of the European Economic and Monetary Union (EMU). EMU is being phased in, and will result in the currencies of 11 European nations being folded into the euro by July 1, 2002. "There are several reasons for this recommendation, the most important of which is to further support the transition to our already successful Euro FX futures contract," said CME Chairman Scott Gordon. "The Board considers this a natural progression as global financial markets continue to shift to the euro." Since the launch of the Euro FX futures contract, it has traded in the same pit as the Deutsche Mark. As part of the shift, the CME is planning to install up to nine GLOBEX2 electronic trading terminals around the Euro FX pit to provide access to members still seeking to trade Deutsche mark futures. The plan does not apply to Deutsche Mark options contracts that will continue to trade via open outcry. Shifting the Deutsche mark futures contract to GLOBEX2 was recommended by the CME's Foreign Currency Committee. In accordance with CME policy, the issue will be put to a member referendum in early July for final approval.