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CBT, Merc trip over high costs on road to clearing merger. (Chicago Board of Trade; Chicago Mercantile Exchange)
Crain's Chicago Business, June, 1997 by Fritz, Michael
Marts may ask brokerages to help pay adviser's fee Efforts to consolidate the clearinghouses of the Chicago Board of Trade and Chicago Mercantile Exchange have been sidetracked as the futures marts wrestle with the surprisingly high costs - and stubborn politics - of merging. Although the exchanges had hoped to hire an adviser in May, that decision isn't expected until at least the end of this month, says Merton Miller, professor emeritus at the University of Chicago and head of a joint committee planning a clearinghouse merger.
However, Mr. Miller has narrowed the search for a merger adviser to three firms: New York-based Gleacher NatWest Inc. and Brown Bros. Harriman & Co. and the Chicago investment banking office of Canada's Nesbitt Burns Securities Inc. Some...
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