Nybot and Cbot ink e-trading deal
25 January 2006 | 1078 views | 0
The Chicago Board of Trade (CBOT) (NYSE: BOT) and the New York Board of Trade (NYBOT) announced today that the two exchanges have executed a non-binding letter of intent to host NYBOT's financial products on the CBOT's electronic trading platform, powered by Atos Euronext Market Solutions (AEMS) flagship product LIFFE CONNECT.
CBOT President and CEO Bernard W. Dan said, "We welcome this opportunity to work strategically with NYBOT in helping to distribute its products to an even broader international audience. This non-binding agreement with NYBOT comes on the heels of the CBOT establishing a successful hosting agreement with three of North America's largest grain exchanges, as well as the recent joint announcement with the Singapore Exchange regarding the launch of our new all-electronic exchange in which the CBOT will host the new Asian-based commodity products on its electronic trading platform."
Dan added, "By offering one of the most premier electronic trading platforms to NYBOT, the CBOT is working to bring the industry greater standardization of electronic trading. This standardization is increasing efficiency and reducing costs for market users by providing access to multiple exchanges from a single location."
NYBOT Chairman Frederick W. Schoenhut said, "Our decision today marks a major new commitment to expand our markets and to enhance service to our market users at the New York Board of Trade. This new electronic system will provide our financial products with the tools it needs to ensure continued growth in this very competitive arena."
AEMS President and CEO Jean-Marc Bouhelier said, "This initiative is a tremendous opportunity to provide LIFFE CONNECT to the NYBOT in partnership with the CBOT. Our state-of-the-art platform has become widely embraced by the global marketplace. The CBOT hosting model supported by AEMS has proven to be an efficient and cost effective venue for multiple exchanges, allowing worldwide access and distribution of their products through a single platform."