All tied up



A major shake-up of the exchange-traded market is about to take place. Last month, the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT) unveiled an $8 billion merger to create the world's biggest futures exchange, valued at around $25 billion. That follows hot on the heels of Atlanta-based Intercontinental Exchange's (Ice) planned acquisition of the New York Board of Trade (Nybot) in September - a tie-up that will see Nybot's products traded on Ice's electronic trading