Chicago common clearing: The Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBOT) have announced a project to consolidate the two futures exchanges' clearing operations into a single entity.

The common clearing project, which was announced by the two exchanges last month, will be run by a joint subcommittee. The subcommittee will be chaired by Merton Miller, the Nobel-prize winning financial theorist.

"Business demands for cost reduction and operational efficiencies have made t

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