The industry consolidation that has long been expected has continued to centre on one name more than any other - the cash rich Chicago Mercantile Exchange (CME).
Industry participants and analysts last week said CME was more likely to make a move than other exchanges for one major reason: it now holds about $1bn in working capital that executives have repeatedly said they will use to help grow the company.
CME has been linked with a number of exchanges in the past several months. It was said to have made an offer to Chicago Board of Trade prior to its IPO in October (see FO Week Vol 10 No 26). More recently, rumours have connected CME with European exchanges including Euronext Liffe and a possible run at the ever elusive...