Exchanges used to have lively trading floors and sleepy managers. These days it is the other way round. Com-puters and the switch from mu- tual to for-profit status have left the floors quieter (it is all done electronically), but stirred com- petitive spirits to an extent unimaginable only a few years ago. Nowhere is this clearer than in the struggle for control of the Chicago Board of Trade (CBOT), America's oldest futures exchange.
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