Concerns have been raised among a number of FCMs following
the proposed takeover agreement between Chicago Mercantile
Exchange (CME) and Chicago Board of Trade (CBoT) that fees
could be driven higher given the enlarged status of the merged
entity as a publicly listed company.
Many believed that analysts and investors have been firmly
focused on the rate per contract that drives exchange revenue,
which would in turn force them to increase fees.
"They do have an obligation to maximise their returns to
some extent for shareholders, consistent with their obligation
as a public market," said Neil Aslin, president of Peregrine
Financial Group. "So we're really floating on a sea that we
haven't been on before with for-profit markets. Now the very
size of this [combined] institution will draw more attention to
the decisions they make. There will be more scrutiny than
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