CBOT Says No To New Globex

After months of negotiations, public posturing and feuding, the Chicago Board of Trade has bowed out of Globex. The CBOT voted against the new framework which the other three Globex participants -- the Chicago Mercantile Exchange, Matif and Reuters -- put in place last month (TST, March 21). At the same time, the CBOT voted to jump-start its own Project A trading system.

"This is the exchange's way out of Globex without having to quit," says one CBOT source. The 1992 agreement expires April 22