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Capital Markets

CME’s Donohue unmoved by exchange consolidation

The tables have turned for Craig Donohue. Until recently the Chicago Mercantile Exchange was seen as the chief aggressor in the global battle for bourse market share. Now, as rivals announce ever-more grandiose consolidation plans, the CME’s chief executive is standing firm on his strategy for organic growth. Helen Avery reports.

CRAIG DONOHUE, CHIEF executive of CME Group

CRAIG DONOHUE, CHIEF executive of CME Group, is surprisingly calm as he speaks to Euromoney in his office on South Wacker Drive in Chicago. That day press reports emerge of Nasdaq preparing for a counter-bid for NYSE Euronext, with rumours circulating of a tie-up with the Intercontinental Exchange (ICE) to do so. Exchange merger frenzy is in full flow. Since the start of the year Deutsche Börse and NYSE Euronext have announced talks to join up to form the world’s largest exchange. The London Stock Exchange (LSE) and the Toronto Stock Exchange (TMX Group) have announced plans to merge. US-based Bats Global Markets has bid for fellow private venue operator Chi-X Europe. The head of Vienna’s exchange, the Wiener Börse, has said he is looking to merge with exchanges in central and eastern Europe. In Russia, Moscow’s two largest exchanges, Micex and RTS, are in talks to merge. And the Singapore Exchange is still in talks with the Australian Stock Exchange (ASX) after making a bid for it last year.

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