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Chicago Mercantile Exchange Opens Dublin
Hub The largest futures exchange in the US, Chicago Mercantile Exchange (CME), today announced four new telecommunications hubs in Dublin, Amsterdam, Frankfurt and Gibraltar, to further expand access and increase efficiency of GlOBEX throughout Europe.
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 chairman Terry Duffy and CME chief executive Craig Donohue marked the opening of the new hub in Dublin today with finance minister Charlie McCreevy and Mary McDonnell, chief executive of Geneva Trading, which is a key CME customer that is among the first to benefit from the new Dublin telecommunications hub. 'Adding these telecommunications hubs in key financial centers will help our European customers to greatly reduce their GLOBEX connectivity charges, in some cases up to 75%', commented Duffy. Trading volume on GLOBEX in 2003 increased by 43% from year ago levels, with average daily volume of more than 1.1 million. As of 30 March, eurodollar volume on GLOBEX was 21% of the total contract volume. Initially implemented for after hours trading of CME products, today GLOBEX is available around the clock, offering customers around the world the capability to trade all of CME's flagship products, including Eurodollars, S&P 500, NASDAQ-100, foreign exchange and the E-mini(tm) suite of index futures. CME installed its first hub in London in January 2002. Two additional telecommunications hubs are set to open in Milan and Paris later this year.
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