The Chicago Board of Trade and London International Financial Futures and Options Exchange last week exchanged rights to trade U.S. Treasury and German Bund futures and options. Exchange officials said the link between two of the world's largest exchanges will give traders across the world better access to liquid markets in benchmark contracts.

Market participants cautioned it will take time for floor brokers, traders, and investors to adjust to a new market and feel comfortable using it.

At the same time, they said a lack of trading in the underlying markets could stem investor interest.

"I believe that most markets are busiest in their own time frame," said David Kyte, managing director of Kyte Group, among the largest traders on the London futures exchange.

"I personally have my reservations as to how successful it will be. It will be restricted by the time zones."

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