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’The curious incident of the 300m bushels of corn
Dennis Gartman, fund manager and author of the Gartman Letter, is generally a very grounded sort of chap when it comes to investing ideas (politics aside).
Yes, he’s recently become bullish on gold.
How effective are speculative limits in commodities anyway?
As has been well-publicised, the Commodities Futures Trading Commission (CFTC) is considering increasing position limits in energy commodities trading, on the perception that large speculative inflows may have contributed to last summer’s epic oil price-moves.
Guest post: Prof Craig Pirrong on the pricing-clearing link in the derivatives market
Prof Pirrong of the University of Houston tackles the complexities of clearing by central counterparties…
Since the late-90s, I’ve emphasized in my academic writing the importance of accurate price information in making clearing efficient-or even possible. It is therefore encouraging to see this article in the FT make the same point. It is important to note,
Chicago exchanges strike $1bn settlement
The Chicago Board Options Exchange, the US’s biggest options exchange, took a big step towards an initial public offering on Monday by striking a $1bn settlement to end a long-running legal dispute with members of the Chicago Board of Trade.
CME declares victory in battle for CBOT
The Chicago Mercantile Exchange on Monday declared victory after a nine-month pursuit of the Chicago Board of Trade as members and shareholders voted to combine and create the world’s largest derivatives platform.
CME raises offer for CBOT — is this the finale?
The “never-ending story” of the battle for the Chicago Board of Trade has moved into yet another – and possibly the decisive – phase after the Chicago Mercantile Exchange on Friday raised its bid for a third time and secured its target’s largest shareholder in an effort to fend off its rival the Intercontinental Exchange,
CBOT to launch new credit derivative contract
The Chicago Board of Trade is set to launch a new credit derivative contract on Monday, making it the latest exchange to challenge the dominance of big dealer banks in the booming credit derivatives market.
Diamond derivatives may be forever…
Bankers and diamond experts are to launch two initiatives in coming days to create the world’s first derivatives contracts linked to diamond prices. The move could inject new price clarity into the diamond market,
ICE bid for CBOT passes $12bn mark
If you’re wondering whether it’s ever going to end, keep wondering. The saga over the Chicago Board of Trade, the second-largest US futures exchange, intensified after it emerged on Wednesday that the value of the hostile offer for the CBOT from the Intercontinental Exchange passed $12bn,
CME sweetens proposed deal for CBOT
The Chicago Mercantile Exchange on Thursday improved its bid for the Chicago Board of Trade for a second time, though members and shareholders suggested it remains short of the “knock-out blow” required to secure the world’s third largest derivatives platform.
ICE raises its offer for CBOT
The Intercontinental Exchange on Tuesday sweetened its offer for the Chicago Board of Trade and appealed directly to members and shareholders with terms it claimed are 20 per cent above the rival bid from the Chicago Mercantile Exchange.
CME-CBOT deal gets antitrust approval
US antitrust regulators on Monday cleared the path for a final three-week price battle over the Chicago Board of Trade by approving its proposed merger with the Chicago Mercantile Exchange. The Intercontinental Exchange,
CBOT plans fresh drive to seal CME merger
The Chicago Board of Trade plans a fresh offensive to win support for its merger with the Chicago Mercantile Exchange once antitrust officials have ruled on the proposed deal. The Chicago exchanges remain confident their agreed deal will clear a US justice department review,
ICE ratchets up battle for CBOT
The Intercontinental Exchange on Thursday signalled it was prepared to make a hostile approach for the Chicago Board of Trade and underwrite the $288m break-up fee to win its target from the Chicago Mercantile Exchange.
ICE pact could bolster CBOT bid
IntercontinentalExchange, the Atlanta energy-exchange operator, has reached an unusual agreement with the Chicago Board Options Exchange valued at about $665m that could help settle a longstanding dispute between the options exchange and its longtime rival the Chicago Board of Trade,
ICE steps up CBOT takeover bid
The Intercontinental Exchange has hired a high-profile proxy firm to press the merits of its takeover bid for the Chicago Board of Trade in a sign that it is prepared to appeal directly to shareholders with a deal now valued at $11.3bn.
CME raises CBOT offer
With investors in the Chicago Board of Trade cooling towards the idea of any deal – increasing pressure on the second-largest US futures exchange to walk away from two competing bids at current prices – the Chicago Mercantile Exchange on Friday moved to win back momentum.
CBOT investors cool on bids
The fate of the Chicago Board of Trade was in the balance on Thursday night as shareholders increased pressure on the second-largest US futures exchange to walk away from two competing bids at current prices.
ICE’s CBOT offer raises stakes for Chicago exchange
The pressure on the Chicago Mercantile Exchange to sweeten its agreed bid for the Chicago Board of Trade intensified on Monday as the premium in the rival offer from the Intercontinental Exchange touched $1.5bn for the first time.
ICE strengthens its bid team amid efforts to break rivals’ merger
The Intercontinental Exchange on Monday insisted it could handle trades for the Chicago Board of Trade “within six months” as the US-based futures exchange stepped up efforts to break up the agreed merger between its two larger Chicago rivals amid escalating tensions between the rivals.
CBOT delays key vote on CME merger
The Chicago Board of Trade on Tuesday postponed a shareholder vote set for the evening on its agreed merger with the Chicago Mercantile Exchange. The delay allows investors to review the $9.9bn unsolicited offer from the smaller Intercontinental Exchange.
The Intercontinental Board of Trade?
It’s a $9.9bn plan to crash a wedding, financed with freshly printed paper.
The Chicago Board of Trade has been working diligently with US regulators for five months putting together a merger with its great local rival,
NY and Chicago exchanges hit records
Nymex Holdings, the parent company of the New York Mercantile Exchange, and CBOT Holdings, the parent company of the Chicago Board of Trade, both reported record fourth-quarter and full-year earnings on the back of buoyant financial and commodity market trading activity at the two futures exchanges.
CME closing in on Eurex as top derivatives exchange
Eurex retained its position as the world’s largest futures exchange by volume in 2006, according to data released yesterday, though it will be overtaken this year if the CME completes its planned merger with the CBOT.