As FO Week went to press, it was not yet clear
which way CBoT and BoTCC were going to jump, but the prospects
for a continuation of the relationship between the exchange and
its clearinghouse had been dramatically reduced.
So, if, as many now expect, CBoT takes its clearing to CME,
what will the likely outcomes be? For one, Clearing 21 will
have firmly established itself as the dominant clearing
platform around the globe, a position which may soon be further
consolidated by a merger of LCH and ClearNet. Then there's the
question of another merger, between CME and CBoT. CME chairman
Terry Duffy signalled his enthusiasm for such a deal
practically the moment he took office, though that cooled once
the successful IPO was out of the way. CBoT has remained
lukewarm on the idea at best, perhaps holding out hope of
regaining the Chicago top-dog position before entering into
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