CME to launch Eagle Project in mid-November

The Eagle release will enable customers to execute trades electronically in the first eight quarterly expirations and 22 corresponding calendar spreads in Eurodollar futures, each of which represents an interest rate on a three-month deposit of $1 million.

A spokeswoman for CME said the exchange was still waiting for full approval on the OneChicago single-stock futures venture, which is being carried out by CME with the Chicago Board Options Exchange (CBOE) and the Chicago Board of Trade (CBOT), before it launches the Eagle Project.

CME said the new Eagle technology is likely to be rolled out to other product lines in coming months. In a second release planned for 2003, the Eagle Project will accommodate additional Eurodollar trading strategies, including options strategies such as butterflies.

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