Chicago Board of Trade (CBoT) has caused some consternation among market participants with its decision to turn off some of the functionality on its electronic platform.
The latest upgrade of the Ace system includes an enhancement enabling the exchange to disable auto-legging functionality on a product by product basis. Auto-legging, which allows traders to enter spread trades into the order book, will be switched off on 14 April for the 10- and 30-year treasury futures contracts.
The move has confused some market participants who see the spread trading capability...