Chicago Board of Trade (CBoT) is to waive fees on its precious metals contracts, increasing the pressure on New York Mercantile Exchange (Nymex) ahead of the December rollover.
Volumes in the all-electronic CBoT gold and silver contracts have risen steadily since launch in early October, with the exchange's market share approaching 8%.
The fee waiver will come into force on 22 November and run to the end of January next year.
CBoT head of business development Bob Ray told FO Week that the exchange is very pleased with the progress the metals suite has made and anticipates further growth based in part on good arbitrage opportunities between CBoT's contracts and...