On the heels of announcing its migration to 100 percent electronic trading as of December 19, 2008, MGEX (Exchange) marked a new monthly record for electronic trading volume. Hard Red Spring Wheat (HRSW) futures provided the majority of MGEX electronic volume during October, but the record was ultimately surpassed with trades in the Exchange’s Hard Red Winter Wheat Index futures contract as well as electronic trades of HRSW Options.
80,043 contracts have been traded in the month of October, narrowly beating out the previous high of 80,005 set in August 2008. The trend towards electronic trading continued throughout the month with nearly 66 percent of all contracts trading electronically. Each month in 2008 has ranked among the top 20 electronic volume months in Exchange history.
Advancements to the MGEX electronic trading platform in 2008 made this electronic volume growth possible. In January 2008, MGEX moved from e-CBOT trading platform to the CME Globex® electronic trading platform. Also, options began to trade side-by-side during the open outcry trading hours April 2008. These advancements have increased the functionality of the electronic platform.
“The quality of CME’s Globex® electronic trading platform will make the transition to 100 percent electronic trading a smooth one from an MGEX operational perspective,” said Mark G. Bagan, President & CEO, MGEX. “Going forward, I foresee continued growth and more record-setting months.”
