FX Week

Globex Partners Agree on Intent But Many Obstacles Still Remain


Although Reuters Holdings PLC, the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBT) recently announced that they had reached agreement on a letter of intent regarding the Globex electronic futures-trading system, which reportedly resolved all substantive issues toward the completion of a 20-year contract, sources close to the negotiations say that it's still too early to pop the cork on the champagne.

"The most substantive issue that's still to be resolved has to do with