• 10 Jul 2007 at 12:56 PM
  • Chicago

Exchange Love Triangle: Chicago Exchanges to Merge

Chicago Board of Trade 2.jpgChicago Board of Trade shareholders accepted an $11.8bn merger proposal from the Chicago Mercantile Exchange yesterday, ending nine months of negotiations and an unremitting rival bid from IntercontinentalExchange. The results of yesterday’s shareholder vote, which will create the world’s largest futures exchange, were announced simultaneously by CBOT and CME last night.
CME Group will come into being next year and, continuing the industry’s amalgamative trend, is likely to pursue exchanges in New York and London.
Left out in the cold after an expensive campaign for CBOT, ICE is now a potential takeover target for New York Stock Exchange Euronext, Bloomberg News reports. According to Will Vicars, director of Caledonia Investments, NYSE Euronext’s “modus operandi to date has been acquisitions, and I think that will probably continue.”
Chicago Exchange Merger May Bring More Deals [Dealbook]
CME Acquisition of CBOT Turns Nymex, ICE Into Takeover Targets [Bloomberg]
CBOT-CME Is Done, at Last [Wall Street Journal]
CME and CBOT Shareholders Approve Merger [Chicago Board of Trade]

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Comments (7)

  1. Posted by RandomGirl | July 10, 2007 at 2:34 PM

    This merger has insured that Chicago traders will be largely constituted by that which they’re always been: ignorant backwoods peasants. Have you ever met a wheat trader? *shudder*

  2. Posted by cleatus | July 10, 2007 at 2:39 PM

    ya’ll come back now, ya hear!

  3. Posted by anon | July 10, 2007 at 2:45 PM

    What about the option traders, RandomGirl?

  4. Posted by RandomGirl | July 10, 2007 at 3:58 PM

    anon: Options traders are much less fat than the ag traders.

  5. Posted by Anonymous | July 10, 2007 at 4:39 PM

    “ignorant backwoods peasants”
    do you suppose teaming up with the peanut farmers in atlanta would have helped much though?
    i cannot say, i have never visited the ICE

  6. Posted by Auto | July 10, 2007 at 9:28 PM

    random girl, what about all those fat wops from long island who make wall street such a hellhole?
    you think they’re better than ag traders?

  7. Posted by Anonymous | July 11, 2007 at 6:18 PM

    RandomGirl, check your grammar when calling people ignorant: “that which they’re always been”