The Chicago Board Of Trade Stands Behind Globex

Regarding the Commentary "Shortsightedness is short-circuiting Chicago's GLOBEX" (Finance, Sept. 13), I would like to update you mn the progress the Chicago Board of Trade has made on the GLOBEX trading system.

Underscoring our commitment to the long-term success of GLOBEX, our board of directors voted on Sept. 21 to relinquish to the London International Financial Futures Exchange (LIFFE) our exclusive right to list and trade German bund futures and options on GLOBEX.

GLOBEX projects a vision for the future, a strategic, global solution to the demands of the 24-hour trading day. That is why the Chicago Board of Trade is determined to throw its resources into developing the system, and that is why we will continue to support it.

But we will not shortchange our members by ignoring other viable market solutions, including such opportunities as our own local-area electronic trading system, our evening trading session, or potential mutual offset arrangements with foreign exchanges such as LIFFE.

Our strategy is to extend the reach of our markets, to create additional trading opportunities for our members, and to offer our premier risk management products to market participants around the globe. While we have many arrows in our quiver, our goal is not to create more arrows, but to hit the bull's-eye.

Patrick H. Arbor, Chairman

Chicago Board of Trade

Chicago