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Article: Little future in gold; CBOT losing trading volume in lucrative metal-thanks to its would-be owner.(News)(Chicago Board of Trade )(Chicago Mercantile Exchange)
- Article from:
- Crain's Chicago Business
- Article date:
- February 5, 2007
- Author:
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Copyright informationCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ANN SAPHIR
The Chicago Board of Trade is losing marketshare in its most lucrative futures contract, gold, and its would-be acquirer, the Chicago Mercantile Exchange, is to blame.
Starting in 2004, the CBOT waged an aggressive-and successful-campaign to take gold-trading volume away from the New York Mercantile Exchange by offering gold futures on the CBOT's electronic trading system. But in December, the Nymex, which previously had only offered face-to-face trading in gold, started taking volume back after it began offering its futures contracts on the CME's electronic trading platform.
"There was a big gap there that needed to be filled in the electronic ...
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