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Merc to clear trades at CBT.(Chicago Mercantile Exchange Inc. exchanges)(Brief Article)
Crain's Chicago Business, April, 2003
Chicago's two big futures exchanges, warily eyeing a common threat from upstart competitor Eurex AG of Germany, agreed to a rare joint initiative-a deal that would allow the Chicago Mercantile Exchange Inc. to guarantee, or clear, transactions at the Chicago Board of Trade (CBT). The agreement, effective Jan.
2, would end the Chicago Board of Trade's 78-year relationship with the Board of Trade Clearing Corp. (BOTCC) and give the Merc another leg up as the city's newly dominant exchange. In a statement, BOTCC said it ``regrets'' CBT's decision. Later, the Chicago Tribune reported that BOTCC was in talks with CBT rival Eurex. That story was followed by a Reuters report that the CBT was considering renewing a buyout offer that BOTCC had rejected. Separately, the...
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