FCMs battle exchanges on fees as technology costs mount

Last week's London derivatives conference was notable for the concerns raised by intermediaries that they could be squeezed by fee hikes as exchange heads defended their need to answer to shareholders.

Morgan Stanley MD Brian Daly told delegates that he was afraid Chicago Board of Trade (CBoT)'s recently announced data fee (see FO Week Vol 11 No 24) was a sign of things to come. Although he added that he did not wish to single out CBoT, he said that while it was justified for an exchange to levy fees based on its investment...