Analysts and industry experts have questioned the price Chicago Mercantile Exchange (CME) eventually paid for Chicago Board of Trade (CBoT), referring particularly to the profit-to-earnings (P/E) ratio of the exchange and its growth potential. Having splashed out $12bn for the exchange, volumes must grow at an equal or improved rate than in previous years to meet justified approval, sources told FO Week.The P/E ratio of CBoT stands at 60.55, which experts have said is “paying over the odds” unless the derivatives industry as a whole continues to grow at the rate that it has, something that has recently come under question following the large sums paid out by exchanges for rival marketplaces in acquisitions over the past 12 months. CBoT’s market capital stands at $11.6bn.“If Chicago exchanges, and futures exchanges in general, continue to deliver similar volume increases as seen in the past few years then this may seem like...