Competition in the Futures Exchanges!

In an important news event, JP Morgan Chase has indicated that they, along with a conglomerate of other large banking institutions, will soon open a new futures exchange in competition with CME Group. CME Group owns both the Chicago Mercantile Exchange and the Chicago Board of Trade. The competition should benefit futures traders. I hope that it will result in reduced fees.

I have considered it to be a hit on traders, and a potential opening for more competition, that CME charges exchange membership fees for BOTH CME and CBOT, even though they are both owned by the same parent company. NYMEX does the same thing with NYMEX and COMEX, requiring traders to pay fees to both, even though they are the same company. This, I believe, needs to end, and I hope this competition will advance that time line somewhat. Here is the article on Bloomberg:

CME Falls After Report of JPMorgan-Backed Exchange