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Industry: Email Alert RSS FeedCBOT, CME surprise with cease-fire. (Chicago Board of Trade and Chicago Mercantile Exchange discuss unification of electronic trading systems)
Futures (Cedar Falls, Iowa), July, 1989 by Pierog, Karen
CBOT, CME surprise with cease-fire
The Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange (CME) played out the final scene in "Casablanca" May 26 when they unexpectedly announced their intention to discuss unifying their after-hours electronic trading systems.
"I hope this is a very historic beginning of a long-term relationship," CBOT Chairman Karsten "Cash" Mahlmann said, paraphrasing the classic movie's famous last line.
Added Leo Melamed, CME special counsel and GLOBEX chairman, "It's more fun to make love than war."
And what a war it was.
When the CME introduced its concept of after-hours futures trading in September 1987, the CBOT did its best to knock the order-matching system, eventually named...
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