CME's Short-Dated Currency Options Fly But Revised Cross Rate Contracts Struggle
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The Chicago Mercantile Exchange (CME) is batting a little over .500 this year as far as its new currency product are concerned. Its new short-dated options are off to a roaring start, with volume averaging between 2,500 and 3,000 contracts a day, but its yen-denominated cross rate futures are barely trading almost three months after launch.
Mark/yen futures activity dropped off more than 50 percent in April to about 64 contracts a day, and volume this month has been even more muted. Average daily
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