The clearest sign yet of the Chicago Mercantile Exchange's growing stature: it is in talks to buy the Nymex. We're talking about an $11 billion deal. The New York Times reports the two exchanges are in a 30-day exclusive negotiating period. The deal would solidify the CME's stature as a derivatives power, and underscore the need among client banks to treat it the way they treat the New York Stock Exchange--with respect but also suspicion. The top sell-side players are starting their own trading facility, in part to blunt the momentum of the CME. No one wants to be stuck in a monopoly-like environment. This is a sign of the CME's success in a way.  

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