CME FX up 50%

Last month saw average daily FX volumes of over 157,000, and the exchange expects volumes to continue growing as more firms use its Globex e-trading portal as a result of slashed trading fees.

CME chairman Terry Duffy said: "We reached new quarterly volume records in our FX, interest rate and equity product groups. We continue to leverage Globex’s growth with a number of initiatives to attract new users to our electronic markets." Duffy said Globex FX volume was up 152% in Q1 2004 based on the same period the previous year.

As part of the build-up of overseas traders, the CME last week linked the first trading firm to Globex through its new Gibraltar telecom hub. It launched four new European hubs in April in Gibraltar, Amsterdam, Dublin and Frankfurt. Milan and Paris hubs will open by Q3.

Separately, CME faces increased competition from New York Board of Trade, which will expand its FX futures and options with the launch of contracts based on the Norwegian and Swedish crowns this month. Futures will begin trading on Friday (May 7) and options next Monday (May 10). Several exchanges are attempting to capture some of the increasing activity in FX with futures and options contracts. Nybot added four new contracts in February (FX Week, February 2) and the Philadelphia Board of Trade launched its first six FX contracts late last year (FX Week, December 22, 2003).

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