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More electronic rivals revving up to target CBT; Amex-backed unit wants cut of huge T-bond biz. (Chicago Board of Trade)
Crain's Chicago Business, October, 1997 by Fritz, Michael
A new deep-pocketed competitor is mulling a challenge to the Chicago Board of Trade's bid to tap a lucrative new market - electronic trading of Treasury bonds. The American Stock Exchange and New York-based stock and derivatives trading giant Spear Leeds & Kellogg are exploring an alliance to develop a rival computerized system that would match orders among recently issued Treasury bonds.
Fueled by technology advances and shrinking trading spreads, Treasury bond trading - now dominated by dealers who transact more than $209 billion in trades daily through a network of telephone sales people - is on the cusp of transformation into a computer-based system. The Chicago Board of Trade (CBT) venture - called Chicago Board Brokerage and scheduled to debut in 1998's...
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