The seemingly unyielding trend of exchange consolidation and prices being paid for exchanges has been described as spiralling out of control and “lacking financial discipline” by panellists at the annual International Derivatives Week in London. Specific reference was made to Eurex’s audacious $2.8bn bid for International Securities Exchange (ISE) (see FO Week 04/05/07) while others considered a spiralling New York Mercantile Exchnage (Nymex) share price copupled with the ongoing bidding war for Chicago Board of Trade (CBoT) by Intercontinental Exchange (ICE) and Chicago Mercantile Exchange (CME).In specific reference to the CBoT deal panellist Mamoud Tazi, senior analyst at Man Securities...