The Chicago Mercantile Exchange (CME), the largest futures exchange in the US, has embarked on an aggressive shift to electronic trading in the face of new competitive pressure from Eurex and Euronext.

The exchange will start by stepping up its efforts to shift volumes in its flagship Eurodollar product onto its electronic trading platform in response to Euronext.Liffe's rival Eurodollar contract launch, scheduled for next month.