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A century ago, you could buy butter and egg futures at the Chicago Butter and Egg Board. Thirty years ago, you could buy currency futures at its successor, the Chicago Mercantile Exchange. Now, after the initial public offering of Chicago Mercantile Exchange Holdings Inc., you can buy shares in the exchange itself. The Merc went public on the New York Stock Exchange in December 2002, becoming the first major U.S. exchange to do so. The offering by the country’s largest futures exchange raised $166 million, with 3 million shares sold by its parent company and another 1.75 million sold by the exchange’s members. Lead underwriters Morgan Stanley and UBS Warburg priced the Merc’s shares at $35 each, but they hit a high of $43.20 on the first day of trading. For issuer Chicago Mercantile Exchange Holdings Inc. (Chicago) In-house: Executive vice president and chief administrative officer Craig Donohue. Skadden, Arps, Slate, Meagher & Flom (New York): Corporate: Rodd Schreiber, of counsel Philip McBride Johnson, and associates Alison Haan, Susan Hassan, David Liu, and Michael McGrane. Tax: Louis Freeman and associate Kristin Hickman. (Johnson is in the firm’s Washington, D.C., office; all others are in Chicago.) According to the Merc’s Donohue, Skadden was retained because of its experience in securities work. This was the firm’s first significant representation for the Merc. For lead underwriters Morgan Stanley (New York) and UBS Warburg (New York) In-house: Morgan Stanley: Executive director Barbara Alexander. UBS Warburg: Director Robert Cordell II. Cleary, Gottlieb, Steen & Hamilton (New York): Corporate: Edward Rosen, Leslie Silverman, and associates Patrick Barrett, Seanna Garrison, Sung Kang, Jeff Neurman, and Niping Wu. Tax: Leslie Samuels. ERISA: Arthur Kohn and associate Pamela Nadler. Intellectual property: counsel Joshua Rawson and associate Thomas Rayski. Federal commodities law: associate Geoffrey Goldman. NASD issues: counsel Ellen Creede. UCC issues: counsel Penelope Christophorou and Sandra Rocks. Foreign securities law issues: associates Richard Holbrook, Joung Hwang, Alan Landau, Raj Panasar, Charles Reese II, and Ko Wakabayashi. (Holbrook and Wakabayashi are in the firm’s Tokyo office; Panasar is in London.) — D.M.

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