It was developed by the Chicago Mercantile Exchange (CME) along with other technology companies and it was designed to work with the existing open outcry system at the exchange to help improve efficiencies and extend the hours of trading.
[3] In 1987 work began on the design of a new electronic system with the goal of enhancing futures trading at the CME.
[5] CME Globex was the first derivatives platform to offer global access to all major asset classes, equity indexes, agriculture, energy, metals, weather and real estate.
"Trades on the system are executed and confirmed to the customer with millisecond precision".
[citation needed] CME Globex provides access to the broadest array of futures and options products available on any exchange, virtually around the clock, from anywhere in the world.