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Thought that would be of interest. Ira.
CHICAGO (AP) via NewsEdge Corporation -
The Chicago Mercantile Exchange, the world's
third-largest futures market, disclosed a
shake-up in its management Wednesday and said
it was part of preparations for becoming a public
company.
Nine managing directors will now report to Jim
McNulty, who took over last month as president
and chief executive officer.
Five current Merc executives were named
managing directors, and two specialists _ Satish
Nandapurkar and Lewis Ting _ were hired from
outside for two of the posts. The other two
positions have not yet been filled, the exchange
said.
The exchange unveiled a demutualization plan in
November to transform the member-owned
institution into a for-profit, shareholder-owned
corporation. The plan still needs approval from
the Securities and Exchange Commission and
Merc members.
``These changes will enable us to adopt an
intense customer focus, enhance employee
development and training opportunities, achieve
the highest standards of excellence in the
technology and systems area, and adopt a
shareholder-value metric system that will guide
our decision-making in the future,'' McNulty said.
The Merc and the Chicago Board of Trade, long
the leaders in futures trading, were both
surpassed in volume last year by the
all-electronic Eurex exchange of Frankfurt,
Germany. Both are under pressure to
de-emphasize the traditional ``open outcry''
method of trading in favor of more _ if not total_
electronic trading.
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