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While The Econ­o­mist reports on the being-negotiated CME-NYMEX deal, it also reports on the com­pet­i­tive land­scape among futures exchanges. Namely, a field with sig­nif­i­cant bar­ri­ers to entry, suc­cess­fully pre­served, ensur­ing iner­tia in the order flows, and rec­og­nized by investors: Some cus­tomers fear that the CME will start to raise trad­ing fees once it has swal­lowed its rivals. This worry is …

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