RESOLUTION
WHEREAS, Chicago-based CME Group has agreed to purchase London-based NEX Group for $5.5 billion; and
WHEREAS, The Chicago City Council has been informed of this transatlantic agreement by Alderman Edward M. Burke; and
WHEREAS, NEX Group is headed by Michael Spencer and it dominates the electronic Treasury trading industry; and
WHEREAS, NEX Group's fixed income division is home to approximately 80 percent of trading volumes in a $14.5 billion market; and
WHEREAS, Terry Duffy, the Chief Executive Officer of CME, built the company through takeovers, including deals with the Chicago Board of Trade and the New York Mercantile Exchange; and
WHEREAS, CME holds a near monopoly over the trading of Treasury futures; and
WHEREAS, The acquisition of NEX Group seeks to bring together "two trading-industry trailblazers" to create a leading, client-centric, global markets company that will deliver better ways to trade and manage risk across futures, cash and OTC products; and
WHEREAS, Once the deal is completed Michael Spencer will join CME's Board of Directors and serve as an ambassador for the company in its dealings with high-profile clients, regulators and officials in Europe and Asia; now, therefore
BE IT RESOLVED, That we, the Mayor and the members of the Chicago City Council, assembled this eighteenth day of April, 2018, do hereby congratulate CME Group and NEX Group on this merger and do hereby wish this combined and enlarged company much future success; and