Executives at the Chicago Mercantile Exchange
have pulled off what could turn out to be the most important
coup in the institution's recent history. It's not the launch
of their IPO in December, although that must count as a great
success in itself given both the sheer effort of transforming
from a mutual to a public company as well as going public in
the toughest new issue market for decades.
What they ought to be congratulating themselves for is the
introduction at the end of January of Eagle I. It's a new feature
on the Merc's Globex electronic trading system that enables complex
strategies in its benchmark Eurodollar product to be traded
electronically for the first time.
"Globex is a great trading system, and has wonderful...
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