Euromoney Liquid real estate March 2007
The Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBoT) have embarked on separate and different approaches real estate derivatives and could end up competing with one another in advance of their likely merger.
Together they account for more than 85% of US futures exchange trading. Their $9 billion deal is subject to approval by the antitrust division of the Department of Justice.
The CME was first to enter real estate derivatives in March 2006 with futures and options trading based on S&P/Case-Shiller’s residential indices, which include 10 metropolitan areas and one composite, and offer four quarterly expiration dates a year based on $60,000 one-year contracts.
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