Business Services Industry
Will CBT, Merc walk down clearing aisle? (plans for the merger of the Chicago Board of Trade with the Chicago Mercantile Exchange)
Crain's Chicago Business, March, 1998 by Merrion, Paul
Long-awaited pact faces industry scrutiny this week With all the enthusiasm of a shotgun marriage, Chicago's futures exchanges are preparing to merge their back-room operations for processing trades. After years of prodding from their biggest customers, represented by the Washington, D.C.-based Futures Industry Assn.
(FIA), an agreement on common clearing is expected at this week's FIA convention in Boca Raton, Fla. With one eye on the future and the other on increasing competition from overseas markets, over-the-counter trading of competing products and electronic exchanges, the Chicago Board of Trade (CBT) and the Chicago Mercantile Exchange are ready to make a historic cost-cutting move that could lead one day to a complete merger. "There is a sense of...
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