The industry consolidation that has long been expected has
continued to centre on one name more than any other - the cash
rich Chicago Mercantile Exchange (CME).
Industry participants and analysts last week said CME was
more likely to make a move than other exchanges for one major
reason: it now holds about $1bn in working capital that
executives have repeatedly said they will use to help grow the
CME has been linked with a number of exchanges in the past
several months. It was said to have made an offer to Chicago
Board of Trade prior to its IPO in October (see FO
Week Vol 10 No 26). More recently, rumours have connected
CME with European exchanges including Euronext Liffe and a
possible run at the ever elusive London Stock Exchange.
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