The Chicago Mercantile Exchange (CME) and Chicago Board of Trade (Cbot) are to merge, forming an exchange worth $25 billion.
Speaking to investors, a spokesperson for the management of the two exchanges said: "Cost savings are driving the economics of the merger." The merger is expected to close in the middle of 2007, with improved earnings expected to start 12-18 months later. The combined exchange is expected to save $125 million a year, starting in 2009.
Under the terms of the agreement, Cb
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