Chicago Bets on Risky Futures
Chicago's two major futures exchanges and its options exchange are joining forces to bring a controversial product to the U.S. -- futures on individual stocks. The Chicago Mercantile Exchange joined hands on May 14 with the Chicago Board Options Exchange (CBOE) and the Chicago Board of Trade (CBOT) to set up a joint-venture company to introduce so-called "single-stock futures." Says CBOE Chief Executive William J. Brodsky: "Our willingness to work together on this venture will ensure that Chicago remains the world center in derivatives trading and risk management."
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