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CHICAGO MERCANTILE EXCHANGE TO BEGIN AFTERNOON GLOBEX TRADING MARCH 4; EXPANSION TO COINCIDE WITH EXPECTED DEBUT OF GLOBEX IN JAPAN

 CHICAGO, Feb. 4 /PRNewswire/ -- The board of governors of the Chicago Mercantile Exchange (CME) today approved a March 4 start for afternoon trading of currency and interest rate products on GLOBEX(R), the automated trading system for futures and options launched in 1992.
 Beginning on that date, CME currency futures and options will trade on GLOBEX from 2:30 p.m. through 4 p.m. Chicago time. CME interest rate futures and options (Eurodollar, LIBOR and T-Bills) will trade on GLOBEX from 3 p.m. until 4 p.m.
 Currently CME interest rate products trade from 5:45 p.m. to 6 a.m., while currency products trade from 6 p.m. to 6 a.m. Regular trading hours for these products on the CME trading floor are 7:20 a.m. to 2 p.m.
 CME Chairman Jack Sandner said the board proposed the afternoon session because of interest from market users and CME member firms who already conduct currency and interest rate product transactions during the late afternoon hours of the North American trading day, either in the cash markets or in the EFP (Exchange for Physical) market. EFPs involve the liquidation of futures contract positions through a cash transaction.
 "The original idea at the CME for establishing GLOBEX was to provide an alternative to the EFP market, so it was natural for the CME to make this move," Sandner said. "Moreover, it comes at a propitious time, as we begin the rollout of GLOBEX in the Pacific Rim."
 GLOBEX is a joint venture of the CME and the Chicago Board of Trade (CBOT), with Reuters Holdings PLC providing the network and hardware for the trading system. The CBOT offers its interest rate products for trading on the system from 10:30 p.m. to 6 a.m.
 The new CME trading session is expected to coincide with the beginning of trading on GLOBEX terminals in the offices of CME and CBOT member firms in Tokyo. Formal approval for the installation of GLOBEX terminals in Japan is expected within days.
 -0- 2/4/93
 /CONTACT: Andrew Yemma of the Chicago Mercantile Exchange, 312-930-3434 or (fax) 312-930-3439/


CO: Chicago Mercantile Exchange ST: Illinois IN: FIN SU:

TS -- NY042 -- 2867 02/04/93 10:15 EST
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Date:Feb 4, 1993
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