CBoT has been very active this year in terms of switching its trading and clearing platforms. It has also moved to lower fees and attract new members. Is CBoT doing enough in your eyes to satisfy customers and fend off competition from Eurex or other exchanges?
- Allan Zavarro - AZ
- Russ Wasendorf - RW
- Cynthina Zeltwanger - CZ
- Richard Berliand - RB
RW: In a word, no. With the switch to Liffe Connect, customers will say this exchange is fickle. They started out with the Aurora system, then went to Globex, then Project A, then Eurex and now it's Liffe Connect. What is going to be their trading platform tomorrow? It's been very frustrating and very expensive for the FCM's to shift technology from one platform to the next.
Customers don't forget the way they have been treated in the past. That's really the factor that's going to make a real difference when they...