Chicago Mercantile Exchange (CME) has extended its mutual offset system (MOS) agreement with Singapore Exchange (SGX) for a further three years, a move seen as something of a reprieve for the local market.
The MOS, which was originally signed in 1984 to allow Eurodollar contracts initiated in one market to be closed out in the other, had been up for renewal in October next year. The agreement appeared to be under threat as CME introduced a host of measures aimed at boosting volume on its Globex platform. These included extended trading hours, a market maker scheme for futures traded on Globex during non-floor trading...