Financial Services Industry
Industry: Email Alert RSS FeedCBOT members share $44.8m from Ceres liquidation.
Financial News, January, 2004
Byline: Phillipa Leighton-Jones
Members of the Chicago Board of Trade (CBOT) are to share a windfall of $44.8m ([euro]35.6m) following the dissolution of a technology partnership known as Ceres Trading.The entity was a joint venture between the CBOT, which held 10%, and its members, which together held 90%. The CBOT's decision to switch trading to a new technology system, Liffe Connect, last November, meant Ceres Trading, which had previously provided technological development and support, could be liquidated.
Members will receive the bonus by the end of January, just days before the US Futures Exchange, the US arm of German exchange Eurex, is due to open its doors in Chicago.
In a letter to the Securities and Exchange Commission, Charles...
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