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Article: ELX edges into CME's home turf; New York futures mart makes headway with Chicago traders.(NEWS)
- Article from:
- Crain's Chicago Business
- Article date:
- November 9, 2009
CopyrightCOPYRIGHT 2009 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
Wall Street-backed startup ELX Futures L.P. is winning over Chicago futures traders, giving it a toehold in rival CME Group Inc.'s backyard.
Launched in July, ELX handled 2.8% of trading in Treasury futures last month. CME still controls the rest of the market, but ELX offers something the world's largest operator of futures exchanges doesn't: simultaneous trading in futures contracts and the underlying government bonds.
"It's got legs, says Ray Cahnman, chairman of Chicago-based Transmarket Group, where several traders are using ELX.
If ELX can expand its beachheadsomething that several previous CME challengers ...