Chartview: CBOT goes public.(Trendlines)

Futures (Cedar Falls, Iowa), December, 2005

One week before the Chicago Board of Trade (CBOT) was to go public, the Refco mess made headlines leading to speculation it would have a negative impact on the CBOT IPO or that the CBOT may delay the offering.

However, the road to the CBOT's IPO was a long and winding one, fraught with many road-blocks and there would be no further delays. Chicago's oldest futures exchange had to negotiate multiple lawsuits, which caused repeated delays to its plan to go public. Members were eager to see the type of valuations than its younger in-town rival, the Chicago Mercantile Exchange (CME), saw after it went public in December 2002. The CME stock, which had an IPO price of $35, has grown nearly 10-fold in less than three years.

While not many people would...

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