Business Services Industry
On the hot seat: new rivals, computer trading force a radical-and-urgent-makeover. (futures exchanges in Chicago, Illinois)
Crain's Chicago Business, July, 1998 by Strahler, Steven R.
For Chicago's futures exchanges, which sprouted with the city itself, this is less a long, hot summer than an uncomfortably short one. After 150 years, the business that shaped - and was shaped by - Chicago's rise as a financial center is coming up fast on a radical makeover. At risk: big chunks of the nearly 160,000 exchange-related jobs in the South Loop.
"The next six to eight weeks is going to tell the whole tale," predicts Tony Saliba, managing member of Saliba Partners LLC, a market-making firm on the Chicago Board Options Exchange (CBOE). Other participants aren't quite that alarmed over the timetable for a looming overhaul of the way exchanges are operated, governed - and perhaps owned. Says Chicago Mercantile Exchange Chairman M. Scott Gordon: "I think...
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