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Project A Trades for First Time Directly From Tokyo

Date 24/03/1999

Continuing its global expansion, the Chicago Board of Trade announced on March 23 that the first-ever trade from Tokyo on the exchange's electronic system, Project A, was executed last night (March 22) at 18:02 Chicago time, 09:02 Tuesday March 23 in Tokyo. The trade was made from CBOT member firm Morgan Stanley, the first firm to place a Project A workstation in Asia. CBOT Chairman David P. Brennan said, "The Chicago Board of Trade is committed to serving our global members and customers with the best electronic trading system in the world. This workstation in Tokyo, immediately following our placement of a workstation in Paris, is symbolic of our commitment to providing world-class trading opportunities to our members and customers from every corner of the globe, at every time of day." CBOT President & CEO Thomas R. Donovan said, "The Chicago Board of Trade is committed to serving customers worldwide and providing them with low-cost, liquid and efficient markets. As a global market in an electronic age, the CBOT provides the most active and important futures markets in the world, around-the-clock and in every time zone." Currently there are 574 Project A workstations around the world including two in Tokyo, one in Paris and 18 in London. Several additional workstations have been ordered in London and Tokyo and will be installed soon. There are 553 Project A workstations in the U.S., including 42 in New York and 503 in Chicago. Project A is the largest and fastest-growing electronic trading system for futures in the United States, and would be the 18th largest of 87 stand-alone exchanges in the world. Under the CBOT's promotional incentive program for Project A international workstations, total monthly fees for all new and existing international Project A terminals will be commensurate with workstations located in New York. Approved by the CBOT Board of Directors, the program sets international workstation costs at approximately USD1300 per month, a savings of approximately 62% over previous overseas line charges.