ICE and CME prepare for Russell index futures transfer of business
15 Aug 2008
Intercontinental Exchange Futures US this week said it expects virtually all of the Russell index futures business to migrate over to its exchange next month from CME Group.
ICE, the exclusive exchange for Russell 1000, 2000 and other US Russell index futures, will inherit all of the volume and open interest by September 19, the final trading day for Russell futures on CME. CME, meanwhile, has countered with the S&P small cap 600 index futures over the past year
“We’re getting close to crunch time here and the good news is that we haven’t had a single customer say they do not want to move over and trade our Russell products,” said Ray McKenzie, vice president of sales at ICE Futures US. “It’s just a question of when.”
McKenzie and other ICE executives believe that once the Russell indexes...
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