The controversy over block-trading regulations in the futures market has been reignited by the condemnation of BrokerTec Futures Exchange’s (BTEX) block-trading rules by chairman of the Chicago Board of Trade (CBOT) Nickolas Neubauer.
BTEX is a two-year-old electronic futures exchange that trades US treasury futures whose rules allow a relatively long time period before block trades are reported to the market.
Block trading allows market participants to negotiate and execute large trades privately off-exchange for a single price without immediately revealing the details to the exchange.
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