The king of US interest rate futures, CME Group, has faced down a string of pretenders to its crown in recent years. Now a new array of rivals is arming for battle. As David Wigan discovers, CME shows no sign of being worried – but this time the uprising may be a lot more serious.
We all know the story of David and Goliath. Plucky midget challenges surly giant to a fight, and fells the brute with a sling shot to the head. It’s the stuff of legends. We also know that in the real world, plucky midgets get crushed by giants and then ground into the dust for good measure.
It’s worth bearing in mind these perspectives when considering the battle being fought between CME Group and challengers to its dominance of the US interest rate futures market.
From its beautiful Art Deco Chicago Board...