A competitive advantage
In November 2000 the Chicago Mercantile Exchange became the first US financial market to convert to a for-profit corporation. Marshall Hanbury explains the implications for the financial services industry and regulation in the US
In November 2000, the Chicago Mercantile Exchange (CME), established in 1898 as a membership not-for-profit organisation, became the first US financial exchange to convert its structure to that of a for-profit corporation. In addition to changing the relationship between the CME and its former members, this move, watched closely by exchanges in the US and other countries, may have important implications for the financial services industry and regulation in the US.
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