CME Croup (CME) Lower on Reports of Rival Exchange
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Shares of CME Croup (NYSE: CME) are lower this morning following reports in the Wall Street Journal, JP Morgan, Deutsche Bank and Citadel Investment Group plan to launch a rival futures exchange in an attempt to lower trading fees.
The new venture has received the backing of top Wall Street firms including Merrill Lynch, Credit Suisse, Citigroup, Bank of America and PEAK6. eSpeed will provide the trading technology.
Despite the backing from the Wall Street majors, the new venture has an uphill battle. Many have unsuccessfully tried to take business away from CME, but traders keep using the top futures exchange due to the liquidity it provides.
Shares of CME Croup are down 2.5% to $693.15 per share this morning.
The new venture has received the backing of top Wall Street firms including Merrill Lynch, Credit Suisse, Citigroup, Bank of America and PEAK6. eSpeed will provide the trading technology.
Despite the backing from the Wall Street majors, the new venture has an uphill battle. Many have unsuccessfully tried to take business away from CME, but traders keep using the top futures exchange due to the liquidity it provides.
Shares of CME Croup are down 2.5% to $693.15 per share this morning.
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