Commodity Futures Trading Commission (CFTC) approved a proposal by Chicago Mercantile Exchange (CME) to double the maximum daily price limits for its live cattle and feeder cattle futures contracts on 13 February. CME's proposal, which was submitted for CFTC approval last November, will increase the daily price limits to 3 cents per pound from 1.5 cents per pound. The CME proposal will also eliminate the futures contracts' existing price limit expansion procedures that allow price limits to be expanded up to 5 cents per pound under specified conditions.
New York Board of Trade (Nybot)'s electronic order routing (EOR) system hit an all-time usage high on 18 February, with over 80,000 orders completed. The system, deployed in March 2002, allows users to send orders directly to the Nybot floor via the Internet or their own order routing system. Nybot said new users include R.J. O'Brien, which is using EOR in...