The Chicago Mercantile Exchange finally closed its merger with the Chicago Board of Trade yesterday, after a bidding war with the Atlanta-based Intercontinental Exchange.
Competition from the Intercontinental Exchange forced the CME to raise its all-share bid for the CBOT by $3 billion to over $11 billion. Shareholders voted to accept the CME bid yesterday afternoon. The exchanges must now resolve the outstanding issue of membership rights in the Chicago Board Options Exchange. CBOT members will