Regulators Pushed CME To Alter Grain Price Rule, Judge Told

Law360, Chicago (November 5, 2013, 8:42 PM EST) -- CME Group Inc. was pressured by regulators and customers to use electronic trades — rather than floor trades alone — to calculate daily settlement prices for grain futures before it changed its rules last year, a former CME official said Tuesday at trial in a lawsuit brought by disgruntled floor traders.

In June 2012, two dozen traders at the Chicago Board of Trade, a CME subsidiary, sued the exchange operator in Illinois court over its decision to include electronic trades in the settlement process, claiming the...
To view the full article, register now.