Zero-Sum Game: The Rise of the World's Largest Derivatives Exchange

Overview

In 2007, a stranger-than-fiction multibillion-dollar bidding warfor the Chicago Board of Trade (CBOT) erupted between the ChicagoMercantile Exchange (CME) and Atlanta's Inter-continentalExchange(ICE). Zero-Sum Game: The Rise of the World's LargestDerivatives Exchange takes readers behind the scenes of thisbattle to tell the gripping, and often comical, story of how thehistoric merger between CME and CBOT almost didn't happen. AuthorErika S. Olson—a former managing director atCBOT—reveals why these bitter ...

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Overview

In 2007, a stranger-than-fiction multibillion-dollar bidding warfor the Chicago Board of Trade (CBOT) erupted between the ChicagoMercantile Exchange (CME) and Atlanta's Inter-continentalExchange(ICE). Zero-Sum Game: The Rise of the World's LargestDerivatives Exchange takes readers behind the scenes of thisbattle to tell the gripping, and often comical, story of how thehistoric merger between CME and CBOT almost didn't happen. AuthorErika S. Olson—a former managing director atCBOT—reveals why these bitter crosstown enemies put asidemore than a century of bad blood in order to form CME Group, abehemoth that now controls 98 percent of the regulated futuresmarket in the United States. From fast food, electricity, andinterest rates, to building materials, jewelry, and gas, the pricesof countless products and services that companies and consumers useevery day are influenced by contracts traded at CME Group.

Olson delivers a blow-by-blow account of the fight for theworld's oldest futures exchange, taking you inside CBOT's landmarkChicago Loop headquarters, past security guards, onto thehigh-octane trading floor, and into executives' offices. Along theway, she makes the inner workings of futures exchanges accessibleby explaining what these institutions do, how futures contractswork, and who benefits from investing in derivatives. She alsoprovides background and insight on the men in control of thispowerful, tight-knit, and frequently misunderstood industry.

Zero-Sum Game is the incredible inside story of how theworld's largest and most diverse exchange came to be, how thecreation of CME Group forever altered the landscape of thefinancial services industry, and what it all means for the globaleconomy . . . and you.

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Product Details

  • ISBN-13: 9780470624203
  • Publisher: Wiley
  • Publication date: 10/26/2010
  • Edition number: 1
  • Pages: 256
  • Product dimensions: 6.20 (w) x 9.10 (h) x 1.00 (d)

Meet the Author

Erika S. Olson is a business consultant, financial writer, and blogger, and was a managing director at the Chicago Board of Trade during the bidding war between CME and ICE. She holds a BBA from the University of Michigan Ross School of Business and an MBA from Harvard Business School.

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Table of Contents

Preface

Cast of Characters

Chapter 1 Welcome to the Jungle 1

Chapter 2 Into the Groove 17

Chapter 3 This Is How We Do It 30

Chapter 4 Dont't Speak 46

Chapter 5 Wanna Be Startin' Somethin' 58

Chapter 6 Dirty Laundry 74

Chapter 7 Under Pressure 88

Chapter 8 ICE ICE Baby 102

Chapter 9 War 117

Chapter 10 Suspicious Minds 132

Chapter 11 Land of Confusion 147

Chapter 12 Fight for Your Right 161

Chapter 13 Down Under 177

Chapter 14 Take the Money and Run 192

Epilogue 208

Notes 221

Glossary 237

References 240

Acknowledgments 241

About the Author 247

Index 249

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