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CHICAGO — Attorneys at Mayer, Brown, Rowe & Maw and Skadden, Arps, Slate, Meagher & Flom helped win U.S. Department of Justice’s approval this week for the merger of Chicago Mercantile Exchange Holdings Inc. and CBOT Holdings Inc. by stressing that the exchanges are part of an expanding international industry. “This is a global marketplace that is growing and I think Justice recognized that,” said Ben Crisman, a Skadden antitrust partner in Washington who worked on behalf of the Chicago Mercantile Exchange. “Money and financial instruments cross borders much more easily today.” Crisman and Mark Ryan, a partner at Mayer Brown who worked on the review on behalf of the Chicago Board of Trade, said that the extensive over-the-counter trading in the securities, or trading that takes place away from the major exchanges, was also a key factor in persuading the officials that competition wouldn’t be hurt. The firm and in-house attorneys provided the department’s antitrust division with about 8 million pages of information and met with Justice officials about 15 times as part of the 7-month review process, Crisman said. The exchanges filed with the department for review in November and received a second request for information in December. “It was a very exhaustive investigation,” Ryan said. “We anticipated a thorough investigation. The second request did not come as a surprise.” The Chicago Mercantile Exchange’s legal team worked with five Skadden antitrust partners, including Jerry Salzman, two corporate partners and five associates. The CBOT’s in-house lawyers were aided by six lawyers from Mayer Brown and Peter Carey of the Carey Law Firm in Chicago. Skadden has its largest office in New York and Mayer Brown has major operations in Chicago. The Chicago Mercantile Exchange made its bid for CBOT last October and the two exchanges are now fending off another suitor, the Intercontinental Exchange Inc.

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