Firms and software vendors are gearing up for the imminent switch of electronic trading and clearing platforms in Chicago.
CBoT is scheduled to launch its new Liffe Connect-powered platform in November and Eurex's electronic US-based exchange will be launched in February next year. Clearing for CBoT will switch to CME, while The Clearing Corporation will take on clearing for Eurex US.
Mike Manning, president and ceo of Rand Financial Services in Chicago, told FO Week that the bulk of his IT staff is working on the clearing link, while others in operations are handling the switch to e-CBoT.
"The clearing link is a far bigger endeavour for firms," Manning said. "It's a grind but it's going in the right direction. Everything the Board of Trade and...