Why ICE May Win the CBOT

The upstart futures exchange has trumped the Chicago Merc in its bid for the Chicago Board of Tradeand the offer could allay antitrust concerns

Barely two months after shaking up the futures-trading world by paying $1 billion to take over the New York Board of Trade, IntercontinentalExchange (ICE) Chief Executive Officer Jeffrey Sprecher is riling the markets anew with his $9.9 billion stock offer for the Chicago Board of Trade (BOT). The surprise offer, announced Mar. 15, stunned executives at both the Chicago Mercantile Exchange (CME) and the CBOT, who have been laboring to close their $8 billion merger.

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