自1874年以来，芝加哥商品交易所和芝加哥贸易委员会一直是竞争对手，当时CBOT旋转后来成为CME的蛋黄市场。But when the Merc, as it’s known in the City of Broad Shoulders, announced last month that it would acquire its elder for $8 billion in cash and stock, its motivation was not so much taking out a competitor as bulking up for a bigger fight against fast-growing over-the-counter and foreign markets.
The combined company, to be called CME Group, will operate the world’s biggest futures exchange in terms of both market capitalization and trading activity, handling more than 87 percent of U.S. exchange–listed futures volume. But the unregulated OTC derivatives market — which is five times the size of its exchange-listed counterpart — and aggressive overseas bourses remain big threats. Germany’s Deutsche Börse and Amsterdam-based Euronext are trying to build pan-European exchanges that trade stocks and derivatives. Both want to attract business from U.S. customers; Euronext has agreed to be taken over by the company that owns the New York Stock Exchange, although Deutsche Börse is trying to break up the deal.
CME首席执行官Craig Donohue，他将在合并后担任首席执行官，已经在考虑如何在两端发动战争。他绘制了例如捕获一片白热的OTC衍生品市场。在宣布CBOT交易之前，CME要求监管机构列出信用违约掉期，非常流行的仪器，为买家提供对公司债务违约的保护。它还购买了SWAPSTREAM，这是欧洲利率互换的电子交换，并开始为美国短期汇率互换提供清算服务。
Donohue expects that once the CME’s short-term interest rate futures and the CBOT’s contracts on longer-term debt are available on one exchange, customers will be able to more efficiently pursue complex strategies involving the entire yield curve. That, in turn, will give CME Group an opening through which to market default swaps and other new products.
“在柜台过度市场和交流上市市场之间发生了很多融合，”培训律师律师在1989年加入了CME作为职员律师，并于2004年向首席执行官升级。
为了赢得更多的商务海外，CME计划将CBOT的产品添加到其Globex电子贸易系统，该系统在70个国家达到客户。交易所还将向印度，中国和其他新兴力量的客户兜售新产品，并为其提供给交易者的折扣和折扣。例如，在8月，CME在中国人民币推出了期货。
“现在有竞争力，你真的确实在全球范围内需要缩放，”CBOT主席查理凯莉说，第三代粮食期货交易员将成为CME集团副主席。他补充说，达成协议并不是那么困难，因为双方都注意到全球合并并接受竞争条款正在发生变化。
Now it’s the CME-CBOT deal that’s altering the worldviews of the Chicago markets’ rivals. That’s sure to inspire even more deal making in a sector that has seen a host of private exchanges go public and seek merger partners in the past few years.
“A deal of this magnitude will certainly push competitors to rethink their positions,” says Sang Lee, a co-founder of Boston research firm Aite Group, who has studied trading markets extensively. “This could spur more consolidation.” — L.F.
Merrill的管道奔跑过来
在今年这家公司作为Evercore Partners和Thomas Weisel Partners的热门IPO之后，Tom Petrie认为他将成为下一个精品店的银行家，以富裕。丹佛的EX-First Boston分析师和基于丹佛的能源精品Boutique Petrie Parkman的创始人在9月份提交了监管机构，获得了11500万美元的IPO。
但是，Petrie在Merrill Lynch的能源投资银行业负责人克里斯托弗Mize的呼叫，询问他是否宁愿出售他17岁的所有公司。在几周内，双方兑现了交易;Merrill将购买Petrie Parkman以获得未公开的金额。拥有他精品店的38％的61岁的西点毕业生成为Merrill的副主席，旨在扩大能源交易和投资银行。纽约公司在2004年在2004年举行了大部分行业，它购买了Entergy-Koch的交易单位，康复公司和Koch Industries的合资企业。
维克多·纳西，美林的美国的投资银行负责人，佩特里·帕克曼说：“他们的优势，特别是在勘探和生产领域，对我们来说是有吸引力的。这有助于迅速扩大我们在空间中的覆盖范围。“
Petrie, who often entertains clients on his Colorado cattle ranch, gets to expand his business and monetize partners’ stakes without going public. “The IPO had a lot of appeal,” he says. “But being the CEO of a publicly traded company carries responsibilities — and frankly, distractions — from the main thing I enjoy, which is helping clients.” — Pierre Paulden
对冲基金为所有季节雇用
有一系列立法者寻求更加严格调节对冲基金，有什么更好的时间为基金公司带来政治关联人才？这是上个月在两个前的财政部秘书加入对冲基金时，许多行业的反应。10月19日，D.E.Shaw＆Co。宣布它已聘请Ex-Clinton财政部长（和前哈佛总裁）拉里夏天作为兼职董事总经理;当天Cerberus Capital Management表示，它曾在乔治·W·布什总统担任乔治·瓦斯·布什作为其主席。
一些对冲基金行业高管们闻到，雇用的营销和公共关系搬家 - 公司的方式与潜在的投资者提高他们的档案，并在华盛顿获得一些联系，因为对冲基金在那里更受审查。
然而，雪的商业经验可能是Cerberus的一个加号，这也是大公司的私募股权投资。在加入布什政府之前，他是铁路巨人CSX的首席执行官。该公司的发言人表示，雪将参与战略和投资决策。
至于夏天，一个D.E.在雇用雇用的Shaw Execution承认，他的一些时间将花在“政策问题上致力于努力”，而是强调，该公司对他的分析市场和贡献贸易思想的能力来说。（Shaw Executivy）说：“他将仍将担任哈佛大学教授。）”我们被他的智力和他作为经济学家的能力非常吸引。““我们没有雇用他是一个傀儡。”- Imogen Rose-Smith
期货
作为电子交易在芝加哥期货市场上涨时，肘部和拳头较少，交换机较少。如何保持粗糙和滚石的灵活？尝试拳击！10月21日，一群贸易商和交流官员在一个在芝加哥万豪酒店的宴会厅设立的拳击戒指中奋斗，所有人都可以让家庭怜悯家庭为男孩和女孩，一个陷入困境的年轻人的天主教徒住所。战斗卡在各种交易所代表之间举办了六个，其中包括芝加哥商品交易所和芝加哥贸易委员会，即时两天以前同意历史合并（见第7页）。在一个Bout的CME的代表，26岁的乔（硬木）新仁，在195磅上称重，CBOT的39岁，250英镑（破坏船员）三轮威廉姆斯。
CME chairman Terry Duffy and CBOT chairman Charlie Carey were joined ringside by two pugilistic predecessors: Pat Arbor — who as a young man lived and boxed at the Mercy Home before rising from the CBOT’s soybean pit to become the exchange’s chairman — and former CME supremo Jack Sandner, who overcame a tough childhood and trained at Mercy before becoming a Golden Gloves champion. After the home ran into financial trouble in the late 1980s, Arbor, one of its directors, suggested a black-tie fundraiser featuring boxers from the exchanges. Sandner helped drum up support at the CME.
“我们不得不乞求人们购买门票，”1991年的第一个福利的Arbor说。不再。上个月的近1200人出现，筹集了百万美元的怜悯。
拳击在这个电子交易时代变得不那么激烈吗？没有办法，乔木说：“电子交易员与地板交易者一样竞争。”- P.P.
私募股权公众
大型私募股权公司试图无需挖掘公共市场。现在一位货币经理正在贯穿后门创建一个公开的买断基金。
自从Malon Wilkus创立了美国资本战略的20年以来，作为一个人的店铺耗尽他的贝塞斯达，马里兰州，客厅，该公司已经投资了120亿美元的债务和中市公司等中市场公司，如Aamco变速箱和吉他。威尔科斯于1997年作为一家商业发展公司公开的投资公司，这是一个法律地位，使ACS免税只要它将90％作为股息分配。
上个月ACS，目前拥有60亿美元的市场资本化，从基金三大基金筹集了10亿美元的私募股权基金：Harbourvert Partners，Lexington Partners和Switzerland的合作伙伴团体。ACS将收取2％的管理费，奖励费用为基金利润的10％至30％（百分比将根据基金表现的程度而有所不同）。在保持其作为业务发展公司的地位，ACS将从收购基金支付90％的收益，以至于其公共股东。
Kohlberg Kravis Roberts和Apollo Management今年早些时候在阿姆斯特丹的Euroinext上浮动公共资金，但两家资金的股票在其价格下跌以下交易，而其他公司则遵循套装。
In contrast, Wilkus, 54, plans to continue raising private funds under the ACS corporate umbrella. He would like to launch sector-specific vehicles that focus on energy, financial services and technology, among others. In so doing, he hopes to raise ACS’s stock market valuation from about nine times forward earnings to the 20-plus multiples of big asset management firms.
“我们认为我们将在越来越多的收入来自资产管理费，”他说，我们将经历这一结果。“
到目前为止，如此善良：ACS的股价上涨超过5％，达到42美元，因为它宣布新基金。- Loren Fox.
A marathon challenge for AIG’s
Martin Sullivan has been run off his feet since taking over as CEO of insurance giant AIG last year. In addition to negotiating a $1.6 billion settlement with New York State Attorney General Eliot Spitzer of accusations that AIG had manipulated earnings before Sullivan came on board, the 52-year-old London native has traveled the globe nurturing client relationships. Now the CEO may be adding another feat to his list: training for the New York City Marathon.
The Achilles Track Club, a charitable group that helps disabled people participate in athletics, honored Sullivan for AIG’s contributions at its annual benefit dinner on November 1. Before the dinner the organization’s founder and chairman, Dick Traum, approached Sullivan and asked him to join the club, promising to help him get in shape to compete in the November 2007 marathon, a 26.2-mile race through the city’s five boroughs. The stockily built CEO, who played soccer as a young man but has never run a marathon, smiled but didn’t commit one way or the other, reports Traum.
“我们很乐意让他跑步，”Traum说，上述第一个膝关节截肢者，在1976年完成纽约课程，以及30多个马拉松的老兵。“如果我有自己的方式，他将在明年做马拉松。”
在晚餐时，俱乐部在曼哈顿较低的曼哈顿大都会馆举行，俱乐部介绍了Sullivan，其艾伯蒂安·戈登奖，每年给予高成就者，致力于帮助别人。Gordon是1931年的105岁的退休银行家，他接管了田径皮博迪，冉马拉松进入了他的80年代，是阿基里斯董事会的创始成员。AIG为集团提供财政支持和员工志愿者。
Sullivan won’t comment on whether he’ll take up Traum’s challenge, but the Achilles chairman can be very persuasive. Since the Iraq war began in 2003, he has made regular visits to the Walter Reed Army Medical Center in Washington to encourage wounded soldiers — many of them amputees — to take up running. About 50 of these veterans were among the 400 Achilles athletes from six continents who tackled the 2006 New York marathon, held earlier this month. — P.P.
然后，我们总是有巴黎......
纽约，纽约，他们把它命名为两次，左右的歌曲说。然而，最近的迹象表明，世界的非官方资本正在为伦敦失败。麦当娜和古宁·帕尔特这样的名人始于金融。纽约市长迈克尔·彭博如此担忧，他正在支付咨询公司麦肯锡60万美元来调查为什么公司宁愿在伦敦筹集资金而不是纽约。
But does the mayor need to worry? Doesn’t Rip-Off London, as it’s known in the U.K., have terrible food and low wages, even in high-flying finance jobs? Not anymore. Last year New York–based Gourmet magazine named London the world’s best city for dining. And in many trading jobs, Londoners are outearning their trans-Atlantic brethren.
伦敦的财务类型也可能在“生活中”类别中，至少根据我们的休闲调查。Regina McMenamin说，纽约的典型商务午餐可能包括一个昂贵的桑切尔，四季餐厅促销经理 - “从未超过一杯。”在伦敦，银行家希望完成瓶子。
亚博赞助欧冠机构投资者员工作家皮埃尔保罗在麦肯锡可能错过的一些比较点看来：
互惠互惠
John Mutch首次见到良好的公司治理政策可以提高公司的价值。现在他正在把钱放在线上证明它。
从2003年到2005年，Mutch担任软件制造商Peregrine Systems的首席执行官，帮助在2003年同意之后转向公司 - 不承认或否认不法行为 - 金融欺诈费用。互连改善了Peregrine的治理，组织了一名董事会董事的新板岩，聘请向董事会报告的合规官员。他说，这些改革为Peregrine财务报告的准确性提供了信心，同时提高了士气，客户关系以及最终利润。（惠普去年购买Peregine 4.25亿美元。）
Mutch is so convinced of the correlation between governance and performance that he’s starting a hedge fund to invest in poorly governed, underperforming companies, with the goal of influencing them to make improvements that will boost their market values. He’s also donating $1 million for governance research at the University of Chicago Graduate School of Business, from which he earned an MBA in 1997. The business school fund will support research to determine whether there is a correlation between strong governance standards and company performance. In May the university will hold a symposium on governance featuring investors, regulators, auditors, attorneys and other experts.
50岁的加利福尼亚州为一家职业生涯作为科技公司高管，包括七年的微软销售和营销。他的对冲基金MV顾问将需要5％至30％的小型和中型科技公司的股权，并与管理层一起工作以提高绩效。The fund, based in Solana Beach, California, and targeted for $500 million, won’t officially close until January, but Mutch has been hard at work for several months, using financial and governance screens to winnow a list of 800 possible investments to about 20. One company that Mutch believes will benefit from governance improvements is Phoenix Technologies; his fund has already invested about $5 million, working alongside hedge fund Ramius Capital, to buy 13.8 percent of the software company. Mutch says he’s working with Phoenix executives to better allocate the company’s free cash flow, among other things.
“他是一个聪明的家伙，对公司治理充满热情，”Ramius管理会员Jeffrey Solomon说。
咕噜咕噜地简单地说：“我想找到糟糕的公司，让他们做好，通过这个过程做出良好的投资回报。”
- Stephen Taub.
Richard and Christopher Chandler are going their separate ways.
新西兰出生的兄弟 - 曾透露于机构投资者的春天他们春天他们将1000万美元的家庭财富转为50亿美亚博赞助欧冠元的投资基金主权全球 - 已宣布，他们的共享资产将在两个新的专有车辆之间平等分配：东方全球范围内，由Richard，47和Legatum Capital，由Christopher拥有和经营的全球，由Christopher，46次被拥有和运营。这两个资金将在迪拜和伦敦设有办事处;东方也将于新加坡运营，Richard最近开始每年花费三个月。
“在回应规模的挑战期间由于我们的成功，这次业务部门是一个自然的演变，”Richard上个月表示在宣布分裂的新闻稿中。在同一个释放中，克里斯托弗说，新的资金将是“嫉妒”并补充说：“我们的家庭债券仍然像以往一样温暖。”
Chandlers通过对香港房地产的巨额投注以及在巴西，俄罗斯和韩国投资电信和能源股来建立了统计主权的数十亿。Richard今年早些时候的II唯一的独家采访是他唯一曾经给出的媒体的人。这两个兄弟都拒绝被媒体拍照。- David Lanchner.