As expected, CBoT is continuing with its efforts to erect a
defensive wall to keep invading Europeans and others out of its
clearing playground. But it is unclear who will really benefit
from the exchange's attempts to strong-arm BoTCC into an
The general consensus is that CBoT's purchase offer was low
to the point of not being serious, perhaps designed to send out
the message that, without us, you're worth very little. As much
as the Board of Trade lobbies the smaller BoTCC members, it is
the larger firms that hold sway, and they aren't clamouring to
see the exchange, which is already under fire for allegedly
using a monopoly position to extract high transaction fees,
take exclusive control of the clearinghouse.
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