CBOT’s Monday trading session also started on Sunday night, and bid-ask spreads were narrower than at its new rival, a sign of greater liquidity. The CBOT has traded futures since 1975, when it made its first such offering in mortgage-backed certificates. The Chicago-based exchange’s derivatives trading volume was at record highs in 2003 and up 45% last month compared with January 2003.
The first contracts to be traded were 30-year Treasury bond futures, followed by 10-year Treasury notes. The all-electronic exchange lists futures and options in US Treasuries in two-year, five-year, 10-year and 30-year maturities, placing it in direct competition with the Chicago Board of Trade (CBOT).