A Day Without Locals In KLCE
There was a day where all locals stayed away from the cpo futures floor trading:
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This is a page that I got it from the Star Business on Thursaday, September 21, 1999. See what was the total open position? 6,968 contracts as compared to about 180,000 contracts now a day!
What was the volume? 517 lots! What happened to the open outcry floor trading on that day?
What was the volume? 517 lots! What happened to the open outcry floor trading on that day?
As quoted in the Bernama, the market was dampened by a boycott on Commex when the call by local traders (who trade on their own behalf) for lower fees in the annual subscription was rejected by the Commex board, dealers said. (Commex was the ex-Bursa Malaysia Derivatives that we used to call KLCE before merging. There were names like MME, KLOFFE and MDEX too.)
I think the average daily volume for cpo futures trading was above 1000 lots when I was a floor trader before turning to be a "new and the last" local there, and such a volume was actually more than 50% drop not 35% drop as shown in the paper!
There will be another interesting page about the cpo futures trading floor at that time when all locals stay away from the cpo futures trading pit. It was about the "boycott"! Wait for a next post.