GL Trade is unlikely to retain its contract to supply Chicago Mercantile Exchange (CME)'s front end, a GL executive admitted last week.
GL has provided the default front-end since 1998, but the exchange put out a request for proposal inviting all independent software vendors (ISVs) to bid for the business (see FO Week Vol 8 No 2). GL previously told FO Week it had responded to the RFP, and though the exchange declined to comment, market sources said a shortlist had been drawn up.
During a Futures Industry Association technology meeting in Chicago last Wednesday, GL marketing manager Jeff Patrick admitted...