Only a few years ago even those working in the Chicago Mercantile Exchange believed that the currency futures market was heading for a dive. How wrong they were, says Jim Kharouf.It was a humbling experience, but former currency futures trader John Conolly isn’t ashamed to admit he was wrong about the prospect for Chicago Mercantile Exchange’s (CME) currency contracts.
Mr Conolly recalls a recent visit with Jim McNulty, CME chief executive officer, who showed him a bar chart of how far currencies have come since April 2001. That’s when the exchange decided to put currency futures onto CME’s electronic trading platform, Globex, to trade side-by-side with currencies in the trading pits.
