In what CME calls the ‘last major milestone’ of its merger with the Chicago Board of Trade, the two trading floors have been successfully joined.
The migration to the floor in the historic CBOT building will potentially give the firm $150 million in cost synergies. The trading floor migration combines all foreign exchange, interest rate, equity, and commodity open outcry trading facilities. The transfer involved more than 30 products and 2,000 traders, clerks and trading floor staff from the CME building and was completed within a six-week time period.
This last step follows the successful transfer of products from the electronic CBOT platform to CME’s Globex platform in January. The floor integration will be marked with an official bell ringing at the start of livestock trading at 9:05 a.m. Central Time today with Illinois Governor Rod R. Blagojevich.
Terry Duffy, CME’s executive chairman says the exchange has consolidated four major trading floors into two "even more vibrant trading floors in one location."
The CBOT building is now home to open outcry trading for futures and options on grains, livestock, dairy, equity indexes, foreign exchange, US Treasury notes, Eurodollars and more.
Separately, CME commended the US House and Senate Agriculture Committees and Congress for reauthorising its regulator, the Commodity Futures Trading Commission. The Farm Bill, which included the reauthorisation, was passed after both houses overrode a veto by President Bush.