CHICAGO EXCHANGES ANNOUNCE JOINT INITIATIVE TO MARKET CITY AS 'EXCHANGE CAPITAL OF THE WORLD'
CHICAGO, July 8 /PRNewswire/ -- Chicago's financial markets are getting together to take on the world. Chicago's large and diverse exchange community today unveiled a cooperative effort to attract market users to the "Exchange Capital of the World." The Chicago Board of Trade, Chicago Mercantile Exchange, Chicago Board Options Exchange and the newly rechristened Chicago Stock Exchange (formerly the Midwest Stock Exchange) will participate in a program to promote their city as the financial market center of the world. "Chicago has come to represent financial markets that are innovative, open, accessible, and driven by customer service," said Homer Livingston, president and CEO of the Chicago Stock Exchange. "The size and collective impact of our markets needs to be better understood by corporations and financial institutions throughout the world, which is what this program is designed to accomplish." Patrick H. Arbor, chairman of the Chicago Board of Trade, stated, "Like our Chicago Bulls, Chicago's financial exchanges and their members are world champions. We lead the world when it comes to market liquidity, innovation and integrity. The goal of each exchange is to bring in more business for their markets, and I believe this program is designed to support that goal." Jack Sandner, chairman of the Chicago Mercantile Exchange, said, "In less than two decades, Chicago has been transformed from hog butcher to the world to the financial market capital of the world, and the four Chicago exchanges have played a pivotal role in that transformation. Our efforts to market the financial exchanges will attract more business and jobs to Chicago." William Floersch, vice chairman of the Chicago Board Options Exchange, said, "This joint effort will benefit not only the exchanges themselves, but our member firms, listed companies, the Chicago business community and the city of Chicago as a whole." In 1992, the total estimated underlying dollar value of shares and contracts traded on Chicago's four principal exchanges was more than $100 trillion, which is 25 times the same measure of business transacted on New York City's seven stock and futures exchanges. The marketing initiative will seek to attract domestic and international corporations and institutional market users by increasing awareness of the advantages of using Chicago markets. The program will emphasize the advantages of Chicago's exchanges, including ease of market access, service, fairness, creativity and innovation. The Chicago exchange leaders -- Arbor, Sandner, Chairman Alger Chapman of the Chicago Board Options Exchange and Livingston -- agreed to establish a cooperative venture to explore the following types of initiatives: -- A symposium for CFOs and treasurers of Chicago-based companies, as well as the four exchanges' member firms, on new products and new ways the companies can do business at the exchanges. -- Joint trade missions to overseas trading capitals that will highlight Chicago as an international financial center and the benefits of the four exchanges. -- Joint seminars for institutions and corporations in the U.S. and overseas. -- A strategic marketing effort aimed at European and Far Eastern business audiences to increase awareness of the four exchanges. -- A toll-free telephone number for inquiries about the Chicago exchanges and the city's financial community. -- A service to provide visitors with tours of all four exchanges at once, so potential market users won't need to contact each exchange's visitors center separately. The Chicago Mercantile Exchange, which on July 6 opened its new upper trading floor, has the world's largest trading facility and is the world's leading financial exchange in terms of dollar value of trading, open interest and membership values. It lists risk management products in four primary areas: currencies, interest rates, stock indexes and agricultural products. The Chicago Board of Trade, the world's futures trading volume leader for the past 148 years, is the home of the U.S. Treasury Bond futures contract, the largest futures contract in the world. The CBOT operates two exchanges, three trading floors, an evening trading session, and owns both a landmark building and annex encompassing over 1.3 million square feet. The Chicago Stock Exchange, founded in 1882, is the second largest U.S. stock exchange in the United States in terms of dollar value of shares traded and trades more than 2,900 stocks. The exchange is the only U.S. market that uses its expertise to help stock markets worldwide develop automated systems tailored for their market and trading needs. The Chicago Board Options Exchange is the pioneer of listed options and the world's largest options marketplace. Celebrating its 20th anniversary, CBOE lists the most actively traded index options in the world -- options on the S&P 100 and S&P 500 indices, as well as options on more than 400 individual equities. The announcement was made at the newly rechristened Chicago Stock Exchange following ceremonies marking its return to the name it was founded under in 1882. In doing so, the exchange is looking back to its proud heritage and forward as an important member of Chicago's dynamic, world-leading financial market community. -0- 7/8/93 /CONTACT: Chris Gronkiewicz of the Chicago Stock Exchange, 312-663-2618; Andy Yemma of the Chicago Mercantile Exchange, 312-930-1000; Bonnie Greenberg of the Chicago Board Options Exchange, 312-786-7393; or David Prosperi of the Chicago Board of Trade, 312-435-3620/
CO: Chicago Board Options Exchange ST: Illinois IN: SU:
CK -- NY047 -- 9468 07/08/93 11:47 EDT
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|Date:||Jul 8, 1993|
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