Chicago Board of Trade (CBoT)'s gold complex last week continued to make major volume strides, increasing its overall market share in precious metals trading. However, with New York Mercantile Exchange (Nymex)'s Comex division also seeing volume gains some have questioned whether the overall pie has grown or whether CBoT has begun to take the market from Nymex.
The Chicago exchange, which has been growing its gold volumes steadily by targeting retail traders and hedge funds, posted a record in open interest on 12 May with 60,323 contracts, a 59% jump since the end of April. Meanwhile, full-sized gold futures volume at the exchange hit 62,002 contracts on 17 May, its second record in a week.
CBoT's market share in US precious metals has continued to grow steadily despite volume growth in gold futures on both exchanges. With just a...