Business Services Industry
CBT's offshore gambit to insure steady growth; Bermuda mart could provoke U.S. regulators. (Chicago Board of Trade)
Crain's Chicago Business, March, 1997 by Fritz, Michael
The Chicago Board of Trade is pursuing a plan to launch an electronic derivatives-trading exchange in Bermuda. Dubbed the Bermuda Commodities Exchange, the venture - which is being organized by New York insurer American International Group Inc. (AIG) - is expected initially to trade contracts based on catastrophic insurance risks.
While the Chicago Board of Trade (CBT) hopes the Bermuda project will spur more interest in its lagging insurance-based contracts, government critics could view it as an effort to conduct an end run around government oversight - an assertion the CBT denies. If successful, it also would be another instance of the ascendance of electronic trading over traditional open-outcry trading. Other firms expected to participate in the exchange...
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