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COSTLY DOW FUTURES CONTRACTS DISAPPOINT CHI. EXCHANGES: AT CBT, INDEX IS MILESTONE; COLORS ELECTION DEBATE.
Crain's Chicago Business, December, 1998 by STRAHLER, STEVEN R.
After lusting long for the Dow Jones brand name, two Chicago futures exchanges are off to a rocky start with the blue-chip index -- an expensive venture influencing election sentiment this week at the Chicago Board of Trade. Introduced in October 1997, contracts linked to the Dow Jones Industrial Average were glorified by leaders at the Chicago Board of Trade (CBT) and Chicago Board Options Exchange (CBOE) as the second coming of financial futures -- the most important product launch in two decades.
The CBT's Dow index is still touted as the exchange's best-ever startup, surpassing 3 million contracts in less than a year. It's just that proponents were counting on much more. ``There were bloated expectations,'' concedes David G. Downey, vice- president of...
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