A Dimmer Future For Currency Futures?

With the dollar plunging, the yen and the German mark soaring, and other major currencies gyrating, it would seem like boom times for currency exchanges, which trade futures and options contracts. But that's not the case. Business is lagging badly at the Chicago Mercantile Exchange. Volume in Merc currency contracts dropped 17% in the first five months of 1995, after a 3% decline last year. The slump is even worse at the Philadelphia Stock Exchange, the other major player in listed currency derivatives, where turnover plunged 49% through May--on top of a 23% drop in 1994.

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