Chicago Mercantile Exchange

5 Stories

Trader Gets 3 Years in First 'Spoofing' Conviction

He was found guilty of 'spoofing' trades

(Newser) - Futures trader Michael Coscia has earned himself a footnote in books about financial crime and a cell in a federal prison for three years after becoming the first person ever convicted of "spoofing" in the US. Coscia, the 54-year-old chief of the Panther Energy Trading firm, was the first... More »

SEC Now Thinks Mishmash System Sparked Mayhem

Exchange differences exacerbated plunge

(Newser) - As markets open today, the cause of last week's trading chaos remains unclear, but investigators believe mismatches in rules between the NYSE and newer electronic exchanges, combined with fast, complex computer trading systems, triggered the panic. The sudden drop of a futures contract on the Chicago Mercantile Exchange appears to... More »

Commodities Markets in Merger Talks

Chicago Mercantile Exchange targets New York counterpart in $11B bid

(Newser) - Owners of the Chicago and New York commodities exchanges are in preliminary talks that could end in an $11 billion merger of the two largest commodities markets in the US, reports the New York Times. NYMEX Holdings shareholders would receive $36 and 0.1323 of a share of CME's common... More »

Windy City Finance Biz Lures New Yorkers

Hedge fund says prices, lifestyle win converts

(Newser) - If a Chicago-based hedge fund goes public, can it relocate East Coast talent to the Windy City? Citadel Investment Group, which is signaling interest in an IPO, says many New Yorkers fall in love with the city. Yet some still give it the cold shoulder:  "A lot of... More »

Mercantile Merger Creates Super Market

Chicago exchanges combine in $12B deal

(Newser) - Chicago's Board of Trade and the Mercantile Exchange—bitter rivals for decades—will merge to form the world's largest derivatives market in a deal worth close to $12 billion, the Chicago Tribune reports. The merger ends months of jockeying and speculation as another suitor, Atlanta-based Intercontinental Exchange, failed to mount... More »

5 Stories