Urge to merge

As commodity trading volumes soar, cash-rich commodity exchanges in the US are searching for new ways to maintain their edge. Recent merger and acquisition activity has put the fiercely competitive market under the spotlight.

Past months have seen the Atlanta-based Intercontinental Exchange (ICE) announce a $1 billion purchase of the New York Board of Trade (Nybot); a proposed merger between the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT); and a new trading agreeme

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