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Well if I read between the lines with this shift in power from seat
owners to customers (through sharevalue needs) it is over for open
outcry or is it?
Gwenn
Ira Tunik wrote:
> 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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