P.M. BRIEFING : Merc, Board to Explore Merger
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CHICAGO — The Chicago Board of Trade and the Chicago Mercantile Exchange, the world’s two largest commodities exchanges, said today that they have formed a committee to explore joint ventures that could include a merger.
In meetings Tuesday, the governing boards of the two exchanges approved formation of the panel, which “will be unlimited in scope,” the exchanges said in a statement.
The committee “will be charged with exploring all avenues by which the world’s two largest futures exchanges can unify their functions, procedures and operations.”
The Board of Trade and the Merc, fierce competitors, examined and then rejected the possibility of merging in the 1970s, when they both needed additional trading space.
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