Word: merceds
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...message boards of America Online about state changes in rules governing the use of car-pool lanes. He quickly fired off an E-mail message to a government official to pin down the facts, and the resulting story made the front page (as well as the top of the Merc's online news service on AOL). Then Richards went back online to field more than a dozen messages from readers, including one that prompted a follow-up story. ``There's a lot of good stuff out there,'' he says. ``You just have to have the patience to weed through...
Since the system could one day be easily modified to trade stocks, Globex could further obliterate the distinctions between futures and stock exchanges and result in a new world order of financial markets. Says John Sandler, chairman of the Chicago Merc: "We can become a securities exchange. There's nothing to stop us from doing that...
Saddam Hussein has been called a lot of things during the past month, but at the Chicago Mercantile Exchange he's known as "Mr. Bonus." Yearly bonuses at the Merc are keyed to the number of broker transactions, and the 1990 figures were looking grim -- until the invasion of Kuwait stirred up huge action in Eurodollars and stock-index futures...
Although FBI agents masquerading as brokers spotted some wrongdoing in the pits where U.S. Treasury bonds and Swiss francs are traded, the bulk of the charges are directed at the Board of Trade's soybean pit and the Merc's Japanese yen pit. The yen traders have long been viewed with suspicion by other brokers, while the old clique of soybean traders had a reputation for playing by their own, traditional rules and resisting interference, even from their exchange officials. The Government has accused no fewer than 19 of the 50 soybean brokers and 21 of the 70 yen traders...
Since the federal sting was disclosed in January, the exchanges have scrambled to put their houses in order. Disciplinary actions at the Board of Trade have jumped to 119 so far this year, from 55 in the same period last year. During that time, member fines at the Merc have increased eightfold -- to $1.9 million. The day after the indictments were published, the Board of Trade announced it would initiate a $1 million upgrade in its computerized surveillance program as well as triple its minimum fines to $250,000. The Merc's chief, Leo Melamed, pledged "to put the fear...