At 11:59 AM 11/20/2007, you wrote:
Sounds
like David slaying Goliath....
or did the CME really not want the ER
contract...
and I wonder why not....
so something's strange
here.
The references I listed clearly
showed that ICE out-bid them during
the contract negotiations. See below.
I see nothing particularly
strange about that...
Bob
Fulks
--------------------------------
ICE wins Russell futures deal
By Doug Cameron in
Chicago
Published: June 19 2007 13:49
The share price of the
Chicago Mercantile Exchange dipped on Tuesday
after its rival for control
of the Chicago Board of Trade snatched a
key licensing agreement from
under its nose.
The Intercontinental Exchange continued the expansion
of its product
offerings with an exclusive deal to trade futures based on
the popular
Russell stock indices, forcing the CME to replace the
product.
The CME-Russell contract expires later this year, requiring the
Merc
to cease listing of futures based on the Russell 2000 index, which
will be added to the suite of equity-based products traded on the New
York Board of Trade platform acquired by the ICE last
year.
However, the Merc quickly fired back on Tuesday with plans to
expand
the range of products based on Standard & Poors equity
indices,
noting that trading in the Russell 2000 future had been thin. The
exchange said it would launch a new contract based on an S&P small cap
index which competes with the broad Russell 2000, and will use
incentives to encourage traders to switch to its own new
product.