Chairman insists exchange is run "as a business"
Outgoing Chicago Board of Trade (CBoT) chairman Nick
Neubauer last week outlined the reasons why the exchange
remains cool on the idea of share floatation, despite the
success of neighbouring Chicago Mercantile (CME)'s IPO in
In a letter to members, he stressed the importance of
stapling the stock of the proposed holding company (corporate
equity) and Class B memberships of the proposed exchange
subsidiary when the exchange restructures later this year. That
way, he said, they "cannot be sold separately until the
membership votes that they can," precipitating an IPO, as he
suggested happened at CME.
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