Euronext Liffe is hoping to benefit from a functionality advantage in later dated Eurodollar contracts, following repeated delays in enhancements to Chicago Mercantile Exchange (CME)'s Globex platform. The introduction of implied butterfly spread functionality on Globex, slated for last week, has been pushed back to September.
The delay is part of an extensive upgrade programme, including enhanced options functionality. Observers noted that it gives Liffe more time to make headway in the key battleground of longer-dated contracts. CME has made significant progress in migrating front month trading onto Globex, but the back months are still concentrated in the pit.
Liffe's head...