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CME's smaller silver contract successfully traded last week
June 24, 2013 / 8:57 PM / 4 years ago

CME's smaller silver contract successfully traded last week

NEW YORK, June 24 (Reuters) - CME Group Inc said on Monday market participants traded its smaller physical silver futures contract in its first trading week last week, as the exchange aims to compete with rivals in attracting more retail demand and boost volume in the metal.

CME Group, the biggest U.S. derivatives exchange, said last week’s volume for the 1,000-ounce physically settled silver contract was 574 lots, with trading taking place every day.

Turnover was relatively low compared to the NYSE Liffe’s 1,000-ounce mini silver futures contract, which was launched 11 years ago, exchange data showed.

However, traders said it was a sign that the CME Group succeeded to at least pique the interest in mom-and-pop investors who like trading in smaller increments than the CME’s main 5,000-ounce contract, which is a global benchmark.

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