Word: globex
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Dates: during 1992-1992
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...trading floor by the end of the year, and the Japanese, Koreans and Germans are rapidly moving in that direction. Now comes one of the biggest steps toward a global computerized marketplace: this week Reuters and the two major Chicago commodities exchanges plan to launch a system called Globex, a 24-hour electronic trading system for futures and options contracts. Eventually it and similar systems could handle stocks, bonds and any other trades, virtually eliminating the need for trading floors in New York City and other financial capitals...
Four 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...
...Chicago exchanges are betting that foreign traders will flock back to the U.S. through Globex. So far, the London and Paris exchanges have signed up to use the system; the Tokyo, Frankfurt, Hong Kong and Zurich exchanges are expected to follow suit. Says Globex chairman Leo Melamed: "This is a way to extend our market around the globe across all borders and time zones...