CME introduced "side-by-side" electronic and open outcry trading of CME currency and cross-rate futures contracts on April 2. Electronic currency futures are completely fungible on a 1:1 basis with pit-traded currencies, as both have identical contract specifications. Customers may specify whether they prefer the orders to be executed in the pit or electronically, or let their broker decide which system to use for execution. CME currency futures trade electronically on CME’s GLOBEX®2 system virtually around the clock, from 4:30 p.m. (Central Time) to 4:00 p.m. the following business day.
Information on electronic currency trading (eFX), including eFX trading volumes, new GLOBEX2 ticker symbols and a Quote Vendor Symbol Guide, is available on the CME Web site at www.cme.com/market/currency/sxsresource.html located in the CME Currency Futures Side-by-Side (Floor and eFX) Resource Center.
CME trades Australian dollar, British pound, Brazilian real, Canadian dollar, Euro FX, French franc, Japanese yen, Mexican peso, New Zealand dollar, Russian ruble, South African rand and Swiss franc. Cross-rate contracts traded at CME are Euro FX/British pound, Euro FX/Japanese yen and EuroFX/Swiss franc. CME Deutsche mark futures have traded exclusively electronically since August 1999. In addition, CME trades E-mini Euro FX and E-mini Japanese yen futures—smaller sized electronic versions of its Euro FX and yen currency contracts, introduced in October 1999.
Chicago Mercantile Exchange Inc. (www.cme.com) is an international marketplace that brings together buyers and sellers on its trading floors and GLOBEX2 around-the-clock electronic trading system. CME offers futures contracts and options on futures primarily in four product areas: interest rates, stock indexes, foreign currencies and agricultural commodities. On Nov. 13, 2000, CME finalized its transformation into a for-profit, shareholder-owned corporation as it became the first U.S. financial exchange to demutualize by converting its membership interests into shares of common stock that can trade separately from exchange trading privileges. The exchange moves about $1 billion per day in settlement payments, manages $30 billion in collateral deposits and administers more than $1 billion of letters of credit.
