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CBOT announces market makers for gold and silver futures

04 October 2004  |  951 views  |  0 Source: Chicago Board of Trade

The Chicago Board of Trade (CBOT) announced today the approval of six firms to act as Electronic Market Makers (EMM) for CBOT full-sized Gold and Silver futures contracts. The objective of the EMM program is to provide liquidity in the exchange's new 100 percent electronic metals contracts, effective on the October 6, 2004, launch date.

CBOT President and CEO Bernard W. Dan said, "CBOT full-sized Gold and Silver futures build on the exchange's long history in trading precious metals and bring trading in these markets into a new era. Our customers globally will have access to 21 hours of continuous electronic trading of CBOT full-sized metals in an open, transparent environment with instant trade execution and straight-through processing to clearing. With key EMMs providing tight bid-offer spreads, we believe our customers will find deep and efficient markets in CBOT full-sized Gold and Silver."

The CBOT has traded precious metal futures since 1969. The new CBOT 100 ounce Gold and 5,000 ounce Silver futures, will complement the currently traded CBOT mini-sized Gold (33.2 ounce) and Silver (1,000 ounce) contracts, whose volume is up 264 percent and 658 percent, respectively, year-to-date.

The CBOT precious metals futures contracts are physical delivery basis New York or other locations designated by the Exchange. Trading hours for CBOT full-sized precious metals contracts will run from 7:16 p.m. to 4:00 p.m. Central Time, Sunday through Friday.

The Exchange will allow traditional Exchange for Physicals (EFP) transactions throughout the trading session. Additionally, in response to customer demand, transitory EFP transactions, which are customary in the metals industry, will be allowed between 12:25 p.m. and 7:30 a.m. Central Time the following day. The CBOT will waive fees on all precious metals EFP transactions through December 31, 2004.

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