N.Z. at futures expo

Press, 17 October 1987, Page 27

N.Z. at futures expo

NZPA-AP Chicago New Zealand is among the countries represented . at Chicago this week for the annual Futures and Options Expo. The multi-billion dollar industry, which deals in contracts to buy or sell nearly everything from pigs to platinum, is alive with innovation and attempts by exchanges worldwide to capture more business. The industry’s two largest exchanges — the Chicago Board of Trade and the Chicago Mercantile > Exchange — have two distinctly different approaches to attracting the foreign investor. Announced only last month, the Merc and Reuters Holdings are creating a system which will

allow worldwide, around-the-clock buying and selling of futures and options. When the Merc’s trading floor is closed for business, investors will be able to use display terminals to buy or sell a commodity, and seconds later complete the deal with someone willing to take the opposite position. The system is expected to be ready in about 18 months. The Chicago Board of Trade made its move for the vast reservoir of Asian business by Initiating night trading in May. The idea was to have the trading floor open during prime business hours in Tokyo and other Asian money centres. And on October 25, the board will initiate another industry first — opening the trading floor on Sundays.