The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Eagle 1 lands at the Merc

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 capability for products that trade on a spot basis such as currencies or our e-mini stock index contracts," says the Merc's CEO, Jim McNulty. "It's a different story for interest-rate products, where you can be looking at trading spreads varying from 90 days to 10 years."

If the system works and catches on, traders worldwide will be able to work for 23 hours a day the kind of strategies that up until now they could only get done in the pits in Chicago during normal trading hours.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree