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Floor traders will own shares in the electronic exchange, which may compensate them a bit should it kill their business.That is quite likely, despite the limited impact so far of the "side-by-side" electronic trading introduced last September on the CBOT's own system, known as "Project A".
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The implementation of centralized clearing and the movement of eight exchanges to the same technology platform, all in the same quarter, will be the biggest change in trading in the region since electronic trading was introduced," Jochumsen said.
Mr Casey could claim, till this week at least, that he had successfully introduced electronic trading on to the exchange.
The Securities Exchange Board, which was set up in 1992, has introduced electronic trading and price surveillance systems, free pricing and disclosure norms.
Now that the London Stock Exchange has introduced electronic trading, every major stockmarket in Europe uses computers for a task that was once handled by braying traders.Against this background, the commissions investment banks earn by organising share trades have fallen swiftly, by about 40% in America and Britain over the past ten years.
Twelve national and regional exchanges have now done so, and most of the remaining 20 bourses plan to follow: –Since 2008, Zambia, Ghana and Uganda have introduced electronic trading systems, joining Mauritius, Botswana and Namibia, which made the move a few years earlier.
For its part, the NSE, which introduced both electronic trading of shares and paperless settlement to India, has teamed up with Standard and Poor's to launch its S&P CNX Nifty futures.
Rehabilitated Coining it New tricks ReprintsBefore MATIF, France's futures exchange, links up with Eurex, it will first have to introduce an electronic trading system.
To satisfy their own shareholders, they must seek out the ample opportunities to boost profits at the LME by shifting to centralised clearing, cutting costs, raising fees and introducing more electronic trading at the expense of open outcry.
But last year, some of the biggest brokerages, including Merrill Lynch and Morgan Stanley Dean Witter & Company introduced low-commission electronic trading services.
SINGAPORE — In July 2007, the Australian Climate Exchange, known as the A.C.X., introduced the first electronic trading system for greenhouse gas emissions in Australia.
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