Word: eurodollars
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Dates: during 1990-1999
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...years and $70 million in the making, the Globex system is a bid by the Chicago Mercantile Exchange and the Chicago Board of Trade to keep from losing yet another homegrown industry: futures trading. U.S. exchanges developed modern-day futures, including popular contracts based on Treasury bonds and the Eurodollar. By the late 1980s, however, copycat exchanges from Auckland to Zurich were able to establish their own futures markets by trading when Chicago was closed for the day. Last year the U.S. share of the worldwide futures business had slipped to about 50%, compared with more than...