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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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From: TFF	12/22/2007 7:33:03 AM
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Wall Street firms to launch new exchange to compete against CME: WSJ SAN FRANCISCO (Thomson Financial) - A group of Wall Street and trading firms plans to launch a new exchange next year to compete against CME Group Inc., parent of the Chicago Mercantile Exchange and Chicago Board of Trade, according to a media report on Friday. The firms involved include Citadel Investment Group, Deutsche Bank AG, and JPMorgan Chase & Co., as well as Merrill Lynch & Co., Credit Suisse and Citigroup Inc., the Wall Street Journal reported on its Web site, citing people familiar with the matter. The move is an effort by big users of CME to lower their trading fees, the Journal reported. Paul Saltzman, the chief operating officer of eSpeed Inc., a bond-trading specialist, will serve as the company's acting chief executive, according to the report. Katherine Hunt kh/kh/gm

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