You recently wrote a letter to the Chicago Sun Times in which you advocated a merger between CBoT and CME, rather than an IPO for the Board of Trade. What are the key reasons for this?
It's a more efficient, economical way for the Board of Trade to monetise the value of its memberships. And it avoids the costs associated with an IPO.
What has changed, besides the corporate structures of the exchanges, that make a merger a good idea?
Historically, there has always been a dream that the Chicago exchanges would merge. I am just one of a long line of chairmen and directors in the industry who have openly advocated this. I just think it makes more sense now because the Board of Trade and Chicago Mercantile Exchange both face continued competition, which thus far they have been able to ward off.
But as our industry becomes more...