Magazine article Modern Trader

Petition Power

Magazine article Modern Trader

Petition Power

Article excerpt

When it comes to spending exchange membership dollars, it is easy to find members rallying against the idea. This time the issue is the Eurex system, the German-Swiss trading platform that is being upgraded in cooperation with the CBOT. The new technology will replace the CBOTs original Project A system next July.

A petition with 180 signatures from CBOT members was delivered to the board of directors in October, protesting the costs of developing new trading technology for Eurex and requesting a membership vote on the initiative.

"This is not an issue of micro management," says Burt Gutterman, a CBOT member and one leader of the petition drive. "This is an $80 million expenditure, and in the past, significant expenditures have gone to the membership for their ratification."

CBOT Chairman Pat Arbor says the total expenditure figures being bantered about by members are too high. Yet, the membership's complaint lies with where the CBOT will get the funds. …

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