CME-CBOT Merger Announcement
Statement by Leo Melamed, Chairman Emeritus
Chicago Mercantile Exchange
Chicago, Illinois
October 17, 2006

It represents the culmination
of a Don Quixote impossible dream. An idea that was born in the
1970s with the launch of financial futures at the CME and then
at the CBOT. An ambition forged when our two exchanges ushered
in the modern era of derivatives. A vision that ignited
financial innovation within the American financial service sector
and made it first in the world.
It represents a goal that some of us harbored
for the past three decades, logical and
compelling. One that required time. Time for our ideas to be embraced
the world over. Time
for our institutions to mature and become public. Time for our cultural
heritage to harmonize
around the electronic architecture of today's information technology.
And above all, it required a
coalition of skilled leaders, beginning with the chairmen of both
exchanges who had the good
sense and fortitude to make it happen. We have today fulfilled a
destiny that will preserve
Chicago as the global capital of risk management.
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