Common Clearing Link
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The Common Clearing Link established between the Chicago Mercantile Exchange and the Chicago Board of Trade in 2004 has provided both evidence of the economies of scale from shared clearing services and a centerpiece for the evolution of competition policy in the exchange industry.
The deal, first agreed in April 2003 - and operational from January 2004 - saw the CBOT outsource clearing and related services for all its products to the CME. The move saw the CBOT sever its long-standing links with the Board of Trade Clearing Corporation.
