PHLX Rings In DM/Yen Options Pot Of Gold Or Small Potatoes?
BANKS
Officials at the Philadelphia Stock Exchange (PHLX) finally rang the opening bell on its foreign denominated Deutsche mark/yen cross rate options late last week, the first exchange to launch a foreign denominated currency product. But despite the growth of cross rate trading in the U.S., some participants who've pursued it haven't found the road paved with gold.
The Chicago Mercantile Exchange's (CME) dollar denominated cross rate futures and options haven't found an audience since their launch
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