CME hub for Dublin

Dublin is set to host one of four new Chicago Mercantile Exchange (CME) telecommunications hubs in Europe.

Dublin is set to host one of four new Chicago Mercantile Exchange (CME) telecommunications hubs in Europe.

CME, North America's largest futures exchange, is planning to expand access to its products by establishing hubs in Amsterdam, Frankfurt and Gibraltar as well as in Ireland.

"Adding these telecommunications hubs in key financial centres will help our European customers to greatly reduce their GLOBEX connectivity charges, in some cases up to 75%," said CME chairman Terry Duffy.

CME facilitates interaction between buyers and sellers through its trading floors and GLOBEX electronic trading platform.

GLOBEX was initially devised for after-hours trading of CME products such as NASDAQ-100 and S&P 500.

Now, however, it is available around the clock and trading volume on GLOBEX last year was up 43% on levels for 2002.

The four new centres will be added to the London hub which was established in January 2002, and the Milan and Paris hubs, which are set to go live later this year.

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