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Exchanges put merger on radar: falling seat prices prompt renewed Merc-CBT talks. (futures exchangers; Chicago Mercantile Exchange; Chicago Board of Trade)
Crain's Chicago Business, August, 1998 by Strahler, Steven R.
Top officials of Chicago's two biggest futures exchanges huddled last week, discussing a range of possible joint ventures, including steps toward an outright merger. Industry sources said the talks occurred daily, as another slump in the exchanges' seat prices added renewed urgency to efforts to counteract competitive threats to the city's futures business.
The Chicago Mercantile Exchange was said to have proposed discussions with the Chicago Board of Trade (CBT) on adoption of a common electronic trading system. The CBT insisted that the summit include merger topics - an issue at which the Merc initially balked. However, insiders at both exchanges said the meetings were continuing late last week and left the impression that merger issues remained on the table....
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