|
|
Article: After IPO, Merc works on second shift Exchange successfully went public, now must see if pits, electronic trading can co-exist
- Article from:
- Chicago Sun-Times
- Article date:
- December 5, 2003
- Author:
CopyrightCopyright 2003 Chicago Sun-Times. (Hide copyright information)
|
With one grand experiment behind it, the Chicago Mercantile
Exchange finds itself in the middle of another.
A year ago, the Merc became the first U.S. exchange to become a
publicly traded company. When its executives rang the opening bell at
the New York Stock Exchange on Dec. 6, 2002, the nation's biggest
futures market left behind a structure as a member-owned nonprofit,
answerable only to itself.
The change was anything but an act of desperation. The Merc was
wrapping up a record volume year in 2002. It could revel in its lock
on the market for trading in futures on the Standard & Poor's stock
indexes. Its Globex electronic system was known in financial capitals
worldwide.
And yet, ...