CBOT on back foot as a/c/e volumes lag

Convincing Chicago pit traders to go electronic seems an uphill struggle

The Chicago Board of Trade (CBOT) and Eurex, the Swiss-German electronic derivatives exchange, insisted last week that a/c/e, their electronic trading joint venture, is still on track despite flagging interest in using the system among US derivatives dealers.

After six months of operations, less than 15% of total contract trading volume passes through the a/c/e electronic platform. The remainder of trading liquidity is cornered by the US exchange's open-outcry traders, who are showing little sign of switching their allegiance from the pit to the screen.

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