Sale of KC Board of Trade to CME Group completed
KANSAS CITY, Mo. (AP) -- The CME Group of Chicago officially owns the 156-year-old Kansas City Board of Trade.
The sale of the Board of Trade was completed Monday.
The two commodities markets announced their $126 million cash deal in mid-October. The markets said the transaction will make it more cost effective for traders in both cities' markets to trade the other's wheat futures and wheat options contracts.
The CME Group owns the Chicago Mercantile Exchange, the Chicago Board of Trade and other markets.
The Kansas City Star (http://bit.ly/SH0nex ) reports CME will keep the Kansas City exchange's floor open for at least six months. Plans for the Kansas City trading pits after the six months have not been determined.
Information from: The Kansas City Star, http://www.kcstar.com
Copyright 2012 The AP.