So it finally happened. What next?

That depends on what Howard Lutnick is thinking.

He's probably none too happy with Bridge for thwarting his euro Treasury ambitions. And indications are that he sees an opportunity to make some more money out of his lucrative arrangement with Telerate by demanding payments based on Bridge's existing installed base.

How will this play out?

Cantor seems to be convinced of its rights under the terms of its contract with Telerate. It thinks it should be compensate

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