Through MOS, contracts may be bought in one exchange, then transferred and settled in the other exchange. MOS was first signed between SGX and CME in 1984. Last November, the two exchanges extended their MOS agreement through to February 2007.
The yen Nikkei futures are currently traded on SGX’s open outcry and electronic platforms. They were launched in September 1986, and have since grown to a trading volume of seven million contracts last year, a 46% jump from trading volumes in 2002.
CME will also offer its US dollar-denominated Nikkei futures on Globex, expanding the contract’s trading hours beyond its current open outcry trading hours.