Yet another big exchange merger

The merger between the Chicago Mercantile Exchange and the Chicago Board of Trade is a stunner, akin to a merger of the Nasdaq and New York Stock Exchange. But you can't deny the logic and the cost savings. It is the latest in a wave of mergers that reflect this new era of low-cost electronic trading. The announcement was a big surprise, given the exchanges' historic rivalry, one that was only recently tempered by market realities. The CME Group, the name of the new exchange, will rank as perhaps the largest derivatives exchange in the world and underscores how important derivatives have become. It is no longer the esoteric backwater of the industry. The NYSE will pay close attention as it has designs on boosting its presence in options and futures, hence its pursuit of Euronext. Could the NYMEX be considered an NYSE partner potentially?

For more on the deal:
- Here's a New York Times article