Silver options to further expand CBoT metals

29 May 2006

Chicago Board of Trade (CBoT) has further stepped up its competition with New York Mercantile Exchange (Nymex) for the US precious metals market by announcing its plan to launch options on its full-sized silver contract on 12 June.

The new contract, which will mirror CBoT's other metals products by being fully electronically traded, will follow the launch of gold options...

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.