Winnipeg Commodity Exchange's last trading function moving to New York
The former Commodity Exchange tower, now known as 360 Main, is pictured. (Source: Ccyyrree/Wikimedia Commons)
The Canadian Press
Published Tuesday, May 15, 2018 3:02PM CST
The American company that bought the Winnipeg Commodity Exchange in 2007 says it is shutting down its last commodity trading function.
Atlanta-based Intercontinental Exchange Inc. (ICE) says it will move trading of canola contracts from Winnipeg to New York by July 29.
The change will effectively end trading at the WCE, which has been operating in the city since 1887.
ICE says the move to New York, which requires regulatory approvals, will provide customers with deeper liquidity, reduced administrative costs and a more diversified risk management pool while retaining the same contract specifications.
It says two of its 14 local staff will continue to work in Winnipeg to maintain ties with grain companies based there.
The WCE has been handling futures contract trading since 1904 and was the first North American commodity exchange to shift to all-electronic trading when it shut down its "open outcry" system in 2004.