Endgame in sight as CME, CBoT begin proxy filings
Chicago Board of Trade (CBoT) management intensified efforts
to secure backing for its proposed takeover by Chicago
Mercantile Exchange (CME) by warning that a rival bid from
Intercontinental Exchange would put the business
"Those risks relate to ICE's current trading and clearing
platforms, specifically its capacity to serve our volume and
business model (ie functionality). If the necessary changes in
these systems were not properly designed, funded and timely
implemented, the risk to our business could be catastrophic,"
CBoT said in a letter to members dated 6 June. "We're not
talking just about a dip in sales here, but the potential
permanent loss of our liquidity pools. Put another way, our
entire franchise would be at risk."
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