Battle over CBOT boils down to derivatives

A lot hangs in the balance as the Chicago Board of Trade tries to decide whether to merge with the Chicago Mercantile Exchange or accept a bid from IntercontinentalExchange. If the two exchanges merge, the new entity will dominate the derivatives market, and some say it will drive up trading costs. CBOT recently agreed to discuss the bid with ICE, which may squelch the merger.

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