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ABSTRACT:
When the Chicago Mercantile Exchange launched online trading of its interest rates product line in 1999, the medium was slow to catch on. By January 2004, just 10% of this business was traded electronically. Yet last year the business--futures and options on futures for interest rates on Eurodollars, or U.S. dollars held overseas--suddenly took off.
Today, 70% of the CME's Eurodollar trades are completed electronically. In addition, the company has eclipsed the competition and now controls 98% of the market. Here's how CIO James Krause and his business colleague, Richard Redding, director of products and services, worked together to develop the system and--even more importantly --keep it flexible to adapt to changing business conditions.
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AUTHOR:
Jim Rendon
Senior Features Writer
Jim Rendon is a senior features writer for CIO Decisions. Write to him at jrendon@ciodecisions.com.
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