chicago mercantile exchange

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Chicago Mercantile Exchange

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Chicago Mercantile ExchangeType Subsidiary

Industry Business Services

Founded 1898

HeadquartersChicago,Illinois

Key people

Terrence A. Duffy, ChairmanPhupinder Gill, CEOBrian Durkin, COOLeo Melamed, Chairman Emeritus

Products Futures&Options on futures

Revenue$3.003 billionUSD(CME Group2010GAAP)

Owner(s) CME Group

Website www.cmegroup.com

Chicago Mercantile Exchange Building

The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc," or "the Merc") isanAmericanfinancial and commodityderivative exchangebased inChicagoand located at 20 S.Wacker Drive. The CME was founded in 1898 as theChicago Butter and Egg Board, anagricultural commodities exchange. Originally, the exchange was a non-profit organization. TheMercdemutualizedin November 2000,went publicin December 2002, and merged with theChicago Board of Tradein July 2007 to become a designated contract market of theCME Group
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Inc., which operates both markets. The chief executive officer of CME Group is Craig S.Donohue; Phupinder Gill is the president, Terrence A. Duffy is executive chairman of the board,and Leo Melamed is chairman emeritus.[1][2]On August 18, 2008, shareholders approved amerger with the New York Mercantile Exchange (NYMEX) and COMEX. The Merc, CBOT,NYMEX and COMEX are now markets owned by theCME Group.

Today, the Merc trades several types offinancial instruments:interest rates,equities,currencies,andcommodities. It also offers trading in alternative investments, such as weather and real estatederivatives, and has the largestoptionsandfutures contractsopen interest(number of contractsoutstanding) of any futures exchange in the world.

As a Designated Self-Regulatory Organization (DSRO), the CME had primary regulatory-auditauthority over firms such as MF Global.

CME also pioneered theCME SPANsoftware that is used around the world as the officialperformance bond(margin) mechanism of 50 registered exchanges, clearing organizations,

service bureaus and regulatory agencies throughout the world.

Contents

1 Trading platformso 1.1 Open Outcryo 1.2 Electronic trading

2 Mergers and Acquisitions 3 Commodity futures and options 4 See also 5 References 6 Notes 7 External links

Trading platforms

Trading is conducted in two methods; anopen outcryformat and the CME Globexelectronictrading platform. Approximately 80 percent of total volume at the exchange occurs electronicallyon CME Globex.

Open Outcry

Operating during regular trading hours (RTH), theopen outcrymethod consists of floor tradersstanding in a trading pit to call out orders, prices, and quantities of a particular commodity.Different colored jackets are worn by the traders to indicate their function on the floor (traders,runners, CME employees, etc.). In addition, complex hand signals (calledArb) are used. Thesehand signals were first used in the 1970s. The pits are areas of the floor that are lowered tofacilitate communication, sort of like a miniatureamphitheater. The pits can be raised and
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lowered depending on trading volume. To an onlooker, the open outcry system can look chaoticand confusing, but in reality the system is a tried and true method of accurate and efficienttrading. An illustrated project to record the hand signal language used in CME's trading pits hasbeen compiled.[3]

Former PresidentGeorge W. Bushat the CME (March 6, 2001).

Electronic trading

Operating virtually around the clock, today the CME Globex trading system is at the heart ofCME. Proposed in 1987, it was introduced in 1992 as the first globalelectronic tradingplatformforfutures contracts. This fully electronic trading system allows market participants to tradefrom booths at the exchange or while sitting in a home or office thousands of miles away. On 19October 2004, the one billionth (1,000,000,000) transaction was recorded.

When Globex was first launched, it usedReuters'technology and network. September 1998 sawthe launch of the second generation of Globex using a modified version of the NSC tradingsystem, developed byParis Boursefor theMATIF(nowEuronext).

To connect to Globex, traders connect via Market Data Protocol (MDP) and iLink 2.0 for orderrouting.

Mergers and Acquisitions

In 2006, CME purchased "Swapstream", aninterest rate swapselectronic trading platform, basedin London.

On October 17, 2006, the Chicago Mercantile Exchange announced the purchase of theChicagoBoard of Tradefor $8 billion in stock, rejoining the two financial institutions asCME Group,

I nc. CBOT formerly used outsourced technology platforms but has moved over to CME'sGlobex trading system. This will provide much of the merger's anticipated savings. The mergerwill also strengthen the combined group's position in the globalderivatives market.[4]The mergeragreement was modified on December 20, 2006,[5]May 11, 2007,[6]June 14, 2007,[7]and on July6, 2007.[8]The merger agreement was passed by shareholders of both CME and the ChicagoBoard of Trade on July 9, 2007.[9]The merger officially closed on July 12, 2007, after which theChicago Board of Trade shares (old symbol: BOT) stopped trading and were converted intoCME shares as agreed, and the overarching holding company began life as CME Group, a
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CME/Chicago Board of Trade Company.[10]On January 13, 2008 electronic trading at theChicago Board of Trade shifted onto the Mercantile Exchange's computer system.[11]

On March 17, 2008, theNew York Mercantile Exchange(NYMEX) accepted an offer fromCME Group, the parent of the Chicago Mercantile Exchange, to purchase NYMEX for $8.9

billion in cash and CME Group Stock.

[12]

The acquisition was formally completed on August 22,2008, and the NYMEX systems were fully integrated by September 30, 2009.[13
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