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MATIF, CME expand electronic trading, clearing
relationship
Boca Raton, Florida, March 20, 1998
MATIF SA and the Chicago Mercantile Exchange today unveiled
their plans for expanding their longstanding relationship with the
implementation of the exchanges'upcoming software swap. The electronic
trading and clearing arrangement, signed last June, will set the
standard for the financial industry worldwide, officials said.
The plans include significant expansion of trading hours and
much broader access to terminals for users of the GLOBEX® 2 System,
which is based on NSC technology. The CME also has granted a license to
the SBF Group, which owns the French stock, futures and options
exchanges, to market the state-of-the-art CLEARING 21® system to
exchanges across the globe.
MATIF will launch GLOBEX2 April 3. The
Merc plans a September launch of the system, which is being customized
for its members.
With the planned April start of MATIF's parallel open outcry and
electronic trading, members of both futures exchanges will have new
access to each other's electronically traded products around the clock.
For instance, CME members will have access to trade all MATIF interest
rate products during both open outcry and after-hours sessions, from 7
a.m. to 10 p.m. Paris time (12 :00 midnight to 3 p.m. Chicago time) -
eight more hours of trading than under the current system. Similarly,
all MATIF members who use GLOBEX2 can trade the Merc's electronically
traded E-mini S&P 500 futures and options contracts virtually 24
hours a day, in addition to all CME products during after-hours trading.
Employing the latest in advanced technology, GLOBEX2
will be available to an unlimited number of users in virtually any
location throughout the world, thanks to the network technology
developed by the French GL Consultants company.
As part of the software swap agreement, the French exchanges
will adopt CLEARING 21, developed by the Chicago Mercantile Exchange and
New York Mercantile Exchange. The Boards of the CME and MATIF*
recently ratified a marketing agreement allocating resources to promote
the use of standardized systems (NSC-GLOBEX2 /
GL front-end / CLEARING 21) to financial exchanges all over the world.
Under the terms of the agreement, SBF-Group will benefit from a
worldwide license to promote and market the CLEARING 21 system.
MATIF and the CME established their relationship in 1993 when
the French exchange joined the Merc as a partner in GLOBEX.
(* and of the Board of NYMEX for clearing 21)
Contacts :
| SBF-Paris Bourse |
|
Bruno Rossignol |
|
331/4927 1131 |
| MATIF SA |
|
Antoinette Bouvier |
|
331/4028 8389 |
| CME |
|
Ellen G.Resnick |
|
312/930 3435 |
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