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The Chicago Mercantile Exchange and the Chicago Board of Trade just can’t seem to get along.
Earlier this year, discussions between the CBOT and the Merc about continuing their cooperative development of the Globex trading system collapsed. The Merc and Reuters PLC rejected demands by the CBOT to modify the system.
Last week an agreement aimed at cutting Merc and CBOT traders’ transaction and record-keeping costs was scrapped, angering some of the most powerful seatholders at the exchanges. The agreement was intended to cut costs for brokers who are members of both markets.
The failed pact also involved Board of Trade Clearing Corp., a private firm that processes, clears and backs CBOT trades.
