Not So Fast, Mr. Paulson

The Chicago Mercantile Exchange objects strenuously to the Treasury Secretary's regulatory reform planand it's not afraid of a fight
U.S. Treasury Secretary Henry Paulson speaks about financial issues Mar. 31 at the Treasury Dept. in Washington, D.C. Mark Wilson/Getty Images

As Treasury Secretary Henry Paulson labors to overhaul the U.S. financial regulatory system, he could run into a buzz saw in Chicago. The broad-shouldered folks who run the Chicago Mercantile Exchange (CME) have handily fought off would-be interlopers in the past, whenever their freedom to do business as they like has been threatened. They blew away critics who said their board was too heavily packed with exchange-industry insiders, for instance. For years, they've shoved aside competitive threats from rival exchanges that tried to make inroads into their business. And they beat back a competitor that tried to thwart their purchase last year of the Chicago Board of Trade.

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