Two years ago, the Chicago Board of Trade introduced an electronic gold futures contract and has parlayed it into a 19% share of the trading in gold futures.
Last September, the New York brokerage Cantor Fitzgerald teamed up with the New York Cotton Exchange to develop an electronic exchange to trade American government-bond futures, striking at the core of the Board of Trade's franchise.
Two years ago, the Chicago Board of Trade (nyse: BOT - news - people ) introduced an electronic gold futures contract and has parlayed it into a 19% share of the trading in gold futures.