Business Services Industry
EDITORIAL: A SECOND CHANCE FOR CBT TO BACK ELECTRONIC TRADING.
Crain's Chicago Business, June, 1999
Members of the Chicago Board of Trade face a clear choice June 24 when they will vote, for a second time, on a proposed trading alliance with the all-electronic Eurex exchange. In January, fresh on the heels of the election of new, anti-Eurex Chairman David Brennan, members failed to back the alliance.
Now, after a four-month review, Mr. Brennan is supporting the plan, and so should the Board of Trade's membership. If there is one thing that LaSalle Street traders understand, it's the value of hedging bets. With electronic trading a real and looming threat to the exchange's pit-based open outcry system, the Chicago Board of Trade (CBT) must act swiftly to stake a position in the computerized marketplace. Even the strongest critics of the Eurex initiative now...
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