Two weeks since their launch on 1 August, Chicago Board of Trade (CBoT)'s screen agricultural products were continuing to steadily take volume from the pit, but sections of the market remained cautious about the exchange's potential success following the collapse of its trading platform, E-CBoT, earlier this month.
Volume on screen has increased daily since trading began at the start of August. By the end the first day of side-by-side trading, 89% of total ag volume was still being traded open outcry. By 14 August, volume traded on the floor had slipped to 77.5%.
Early market response has been predominantly positive, particularly regarding the small ticket retail side. One trading source told FO Week that this had largely moved on screen now, claiming that it had been "somewhat of a...