Financial Futurities: Making a midnight Deal

When the afternoon bells rang on the floor of the Chicago Mercantile Exchange, the clamorous trading in financial futures used to come to an abrupt stop. Until last Thursday, traders were forced to wait until the next day to carry out deals triggered by late-breaking economic developments. But in a historic move, the Merc last week opened a late shift running from 8 p.m. to 2 a.m. This was accomplished by electronically Unking Chicago trading with a futures exchange in Singapore, which is 14 hours ahead of Central Standard Time. The connection allows traders in both...

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