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END CIVIL WAR AT MERC, CBT: A CASE TO BUST UP EXCHANGES.(Chicago Mercantile Exchange, Chicago Board of Trade)
Crain's Chicago Business, May, 1999 by SNYDER, DAVID
A hot topic of debate at the Chicago Board of Trade and Chicago Mercantile Exchange is whether to convert from a membership-based ownership structure to a for-profit corporation. Going corporate -- and maybe public -- would help the exchanges raise capital to finance a move into computerized futures trading and provide order to an unwieldy, democracy-run-amok governance system that makes the institutions virtually impossible to manage.
A shift to corporate-style ownership sounds like a great idea. But it doesn't go far enough. What both exchanges really need is a Wall Street-style bust-up. Like companies that have split themselves in two in order to appropriately value distinct businesses, the Chicago Board of Trade (CBT) and Merc both need to cleave...
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