Financial Services Industry
Industry: Email Alert RSS FeedDavid and Goliath? CME ramping up forex support, targets OTC business.(Trendlines)(Chicago Mercantile Exchange Inc.)(Over the counter)(Foreign Exchange)
Futures (Cedar Falls, Iowa), July, 2004 by Collins, Daniel P.
The modern era of futures markets can be traced to 1972 when the Chicago Mercantile Exchange (CME) created the International Monetary Market (IMM) to begin trading foreign currency futures benchmarked against the U.S. dollar. Those first significant financial futures contracts set into motion a series of innovations that were the blueprint for today's markets that are dominated by contracts based on financial futures. Until recently, however, the granddaddy currency contracts had produced volume more reflective of their agricultural predecessors while trillion dollar volume days became standard place in the OTC interbank currency markets.
Currency futures began coming into their own, however, when the CME listed the currency complex virtually 24 hours on its...
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