Business Services Industry
Chicago Clearinghouse Reports $7.5 Million Loss.
Knight Ridder/Tribune Business News, May, 2004
By Mark Skertic, Chicago Tribune Knight Ridder/Tribune Business News
May 28--The Clearing Corp.'s break with its longtime partner, the Chicago Board of Trade, has been expensive.
The clearinghouse lost $7.5 million in the first quarter before taxes, according to a report sent to shareholders this week.
Revenue from clearing futures and options trades fell to $339,245 in the quarter, from $13.4 million in the year-earlier period.
That drop was expected, because the clearinghouse was losing most of its business. Angry about its willingness to work with Eurex US, a new, all-electronic exchange, the Board of Trade moved clearing of its trades to the Chicago Mercantile Exchange last year.
Clearing is a necessary step in the...
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