Source: Minneapolis Grain Exchange
The Minneapolis Grain Exchange (MGEX) Board of Directors approved an additional electronic trading session for its Hard Red Spring Wheat (HRSW) contracts.
The new session will begin August 1, 2006 and will run side-by-side with open outcry trading hours (9:30 a.m. to 1:15 p.m. Central Standard Time).
The implementation of side-by-side trading is not new for the Exchange. MGEX was the first exchange to implement side-by-side trading of agricultural products. On Nov. 4, 2005, it introduced its National Corn Index Futures and Options contracts for open outcry trading. This was in addition to the electronic platform, where the contracts were already being traded.
MGEX President & CEO Mark G. Bagan said, "The addition of daytime electronic trading hours is a natural progression from the evening electronic platform. It also supports our desire to provide new opportunities for our customers. We anticipate a new set of users to take advantage of the day-time trading hours of our HRSW contracts. Ultimately, the additional users along with the ability to trade between platforms will strengthen the position of the MGEX and increase the overall value of the Exchange to our members."
The two electronic trading sessions will be available for HRSW contracts as of August 1, 2006. Electronic trading will be available between 6:32 p.m. and 6:00 a.m., and between 9:30 a.m. and 1:15 p.m. All times reflect Central Standard Time. Contract specifications are the same for the electronic platform and the open outcry platform. Therefore all contracts are fully fungible between the two platforms.