Going cheap
As expected, Nymex is about to become the latest morsel swallowed up by the gaping maw of CME Group – a move which, quite frankly, seemed inevitable from the day the New Yorkers mortgaged their electronic future in a desperate attempt to shore up the barricades against the more progressive ICE by signing up to CME’s Globex. Funnily enough, the same thing happened to CBoT after it tried to fend off competition from Eurex by hooking onto the Merc’s clearinghouse. Let that be a lesson to the exchange leaders of the world: if you want to stay independent, beware Chicagoans bearing...