US launch of single-stock futures delayed

OneChicago, the US electronic futures exchange, has postponed the first day of trading of single-stock and narrow-based stock indexes to November 8. The exchange, a joint venture of the Chicago Board Options Exchange, the Chicago Board of Trade and the Chicago Mercantile Exchange, had planned to begin trading in late October.

The reason cited for the delay by OneChicago was a failure to match bids with offers on several contracts in a test trading session with 55 member firms. The exchange identified the problem as minor, but regulatory rules will require a week of further testing once corrections of the demonstrated flaw have been made.

Also pending is final approval of margin rules for equity futures in the US by the Securities Exchange Commission.

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