| Sumario: | A new after-hours electronic trading system, Globex, is the latest weapon in the battle for market share between derivatives exchanges. For a decade, the Chicago Board of Trade and the Chicago Mercantile Exchange have worried less about competition from each other than about losing market share abroad, especially to new European exchanges. Globex, which offers longer trading hours through electronic trading, was conceived in part to discourage foreign exchanges from setting up their own versions of Chicago's futures contracts. However, the new system could end up hurting the exchanges since it moves the markets away from Chicago's tradition of open-outcry pit trading and toward a future based on screen trading. As more exchanges list products on Globex, Chicago's unruly floor trading could someday become a relic of the past.
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