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5: Exchange shake-ups; Trading Leadership.(Chicago Board of Trade)(Chicago Mercantile Exchange)(Chicago Stock Exchange Inc.)(Brief Article)
Crain's Chicago Business, December, 2000 by STRAHLER, STEVEN R.
It seemed like one cataclysmic thing after another this year for Chicago's financial exchanges. CEOs came and went. Even one who wasn't under duress-the Chicago Stock Exchange's Robert H. Forney-decided to leave. The Chicago Board of Trade (CBT) lost a CEO, his interim replacement, a prospective permanent successor-and, amid it all, a chairman who was narrowly defeated for re-election.
The Chicago Mercantile Exchange kept its lap lead on the CBT in their mutual desire to ``de-mutualize'' their membership-based organizations and convert to for-profit corporations. While CBT seat prices slumped to less than a third of their historic peak, a Merc seat at one point fetched $825,000, up smartly from $500,000 before the exchange named an investment-banker outsider...
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