IE Staff
(October 1 – 09_20 ET) – The Minneapolis Grain Exchange plans to launch an Internet-based trading system for commodities.
The MGE and technology firm, ePIT Inc., have agreed to a joint venture to offer an Internet-based electronic exchange for direct-access commodity trading, subject to approval from the Commodity Futures Trading Commission in the U.S.
Much like the alternative trading systems, open to qualified investors in the stock world, the new system will offer transparent electronic trading for everything from red spring wheat to tiger shrimp.
The MGE will also look at forming a for-profit trading arm as part of this move, while leaving its regulatory and clearing functions in a non-profit structure.
-IE Staff
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