Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT) today announced they have signed a definitive agreement to merge. In doing so, the two have created a true, multi-asset trading entity, with a market capitalisation of around $25 billion. This is far in excess of any other regulated exchange, either cash, derivative or a combination of both. Their claim that the combined entity, to be named CME Group, will be the most extensive and diverse global derivatives exchange does not, in this case, seem hyperbole.
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