Under the Counter

Back in the ringWhen CME Group effectively swallowed the world I must confess I was slightly concerned that the era of exchange competition which has provided me with so many free lunches (or, I should probably say, ‘great stories’) was about to end. With the Chicago behemoth accounting for something like 98% of all US futures volume and the repeated failure of anyone else to mount an effective challenge to any of the established markets of CME, CBoT or Nymex it seemed that all the quality fights were behind us. But it now seems I may have drawn...