Chicago Exchanges: Working against the grain

By:
Antony Currie
Published on:

Last month the grain floor at the Chicago Board of Trade voted in a chairman after its own heart. To the big banks trading on the Chicago exchanges it looked like another setback for the modernization they crave. It's not just electronic trading that's at issue, but also cooperation - and possibly mergers - between Chicago's three derivatives exchanges that may prove vital to stave off competition.