CME to axe 340 jobs; speed up integration

CME to axe 340 jobs; speed up integration

CME Group has disclosed plans to axe 380 jobs and accelerate integration of its operations with Cbot Holdings which it acquired last month.

CME spokesman Allan Schoenberg told reporters that the 380 jobs will be cut from among both CME and Cbot employees and across all departments. All affected staff will be informed this week and the cuts are expected to be complete by June 2008.

The job losses were expected, as the exchange had previously said there would be redundancies when the CME and Cbot merged.

CME also says the integration of futures and options products from Cbot onto its Globex electronic trading platform will take place earlier than the "first quarter 2008" timeframe it previously stated.

Cbots's commodities and equities index products will be migrated to Globex over the weekend of January 12-13 2008, while interest rate products will be switched two weeks later. Mock trading will begin in December 2007.

The exchange will also combine floor trading to a single single trading floor facility located at the Cbot building by March 2008. This was initially expected to happen 12 to 18 months following close of the merger and had previously been moved up to the second quarter 2008.

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