CBOT woos New York exchange. (Chicago Board of Trade; Commodity Exchange Inc.) (TrendLines)

Futures (Cedar Falls, Iowa), March, 1993

THe Chicago Board of Trade (CBOT) may soon acquire the gold-centered Commodity Exchange Inc (COMEX) in New York. A tentative agreement has been announced in Jan 1993 for CBOT's acquisition of COMEX. Under the plan, CBOT will not put any money down but will instead set up a trust fund derived from COMEX profits, which will be used to buy back seats from COMEX members. Some COMEX members, however, are opposed to the deal.

The earth shook in January when a tentative agreement for the Chicago Board of Trade (CBOT) to acquire the Commodity Exchange Inc. (COMEX) was announced. The big question is whether COMEX members will go for it.

While member equity has never been higher (total current assets were $14.9 million in February) and COMEX showed a $675,000 operating...

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