Lavender's first boss at CBOT, Ray Cahnman, is now a zealous, outspoken screen trader.
In superficial ways, little has changed inside the 60, 000-square-foot financial room in CBOT's art deco building.
CBOT's no-holds-barred attempt to persuade the Commodity Futures Trading Commission, the futures-market regulator, to block the new exchange.
The Merc guys hurried back to Chicago, where they held a meeting for cbot shareholders at the W Hotel.
The cbot had futures on grains, Treasury bonds and the Dow stock indexes.
The cbot's biggest shareholder, an Australian hedge fund called Caledonia with a 6% stake, still vowed to vote against it.
Back in Chicago, joined by Donohue and cbot Chief Executive Bernard Dan, they haggled over price at Sullivan's steak house.
Brokers and traders who own the CBOT were suspicious of technology that threatened their jobs, but couldn't stave it off.
Electronic exchanges are threatening the survival of open-outcry futures trading as practiced by the CBOT and its crosstown rival, the Chicago Mercantile Exchange.
Gibraltar, jokes John Lothian, head of electronic trading at the Price Group, a brokerage that operates on an upper floor of the CBOT building.
Founded in 1848, the cbot tended to attract South Side Irishmen.
The CBOT's Project A electronic system will likely merge with Eurex.
In April 2003 they signed a deal, in which the Merc would clear cbot trades, at the cbot's art deco headquarters, five blocks from the Merc.
And yet, within CBOT's own pits, trading in ag futures and options still hangs on--one of two such areas--amounting to 16% of the total volume on the exchange.
The facility is already obsolete: Electronic exchanges are threatening the survival of open-outcry futures trading as practiced by the CBOT and its crosstown rival, the Chicago Mercantile Exchange.
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