The Minneapolis Grain Exchange (MGEX) has received approval from the Commodity Futures Trading Commission (CFTC) for its new electronic trading platform, MGEXpress.
The new platform has been developed using technology from Stockholm-based OM - which currently owns and operates exchanges in Stockholm, Calgary and London. MGEXpress is scheduled to go live on 15 February, 2002.
MGEXpress features an open-architecture application program interface (API), so that users may connect to MGEXpress via front-end trading software designed by third party vendors. Alternatively, users may interface with the MGEXpress trading engine using software written by OM Technology. To date, the majority of MGEX's Futures Commission Merchants (FCMs) have made commitments to connect to MGEXpress, says the Exchange.
Cash-settled National Corn Index (NCI) and National Soybean Index (NSI) futures and options will be the first products to trade on MGEXpress. The settlement indexes for NCI and NSI futures are based on roughly 1500 country elevator bids and are calculated daily by Data Transmission Network (DTN), an Omaha-based electronic commerce and information services company.
Kent Horsager, president and chief executive officer of MGEX, states: "We have great faith in the partnerships and products we've developed with OM Technology and DTN. We're looking forward to 15 February, 2002, with high expectations and great enthusiasm."