This one just cracks me up...
CME Compares Rival To A Laxative
CME Compares Rival To A Laxative
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CME CEO Dismisses Rival As "A Laxative"
- Thread starter Sbelmont
- Start date
Da Merc
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From what I've heard, this is a rivalry between Ivy Leaguers in New York and non-Ivy Leaguers in Chicago. Supposedly Cantor et. al. were lobbying the DoJ to separate the clearing entity from CME which would fuck with CME's profitability and competitive advantage and level the playing field for this new exchange
As a lifelong Chicagoan and an Ivy league-er myself, I can attest to the fact that the Chicago trading community is loaded with my fellow alumni. After all, this was the only place in the country to seriously trade derivatives until recently. Even now, despite the prevalence of screen trading, Chicago is still the Mecca of the derivatives world.
Like all things in the financial market, this confrontation is about money. Specifically, the fact that the Merc's monopoly power threatens the OTC derivatives market. ELX's investors are some of the primary players in the OTC derivatives market, so it makes sense that they would try to create a rival to the Merc.
Like all things in the financial market, this confrontation is about money. Specifically, the fact that the Merc's monopoly power threatens the OTC derivatives market. ELX's investors are some of the primary players in the OTC derivatives market, so it makes sense that they would try to create a rival to the Merc.