CBoT members say "show us the money"

The key Chicago Board of Trade (CBoT) shareholder group that will ultimately determine the exchange's new owner appears to be edging towards whoever stumps up the most cash.

While much is being made of the battle between Chicago Mercantile Exchange (CME) and large Wall Street firms, and their support behind Intercontinental Exchange (ICE)'s offer for CBoT, the great majority of shareholders at CBoT are still individual members. Many of those members trade on the exchange today and still hold all of the 27,338 CBoT shares and their Chicago Board Options Exchange (CBOE) exercise rights for each membership. As such, the voting power on the winning deal resides...