CME Group set to close deal for Kansas City exchange this weekend
CHICAGO (Reuters) - CME Group (CME.O) plans to close a deal to buy the Kansas City Board of Trade this weekend, according to a regulatory filing.
The filing, which the Kansas City exchange made with the Commodity Futures Trading Commission on November 15, said December 2 is the date for the "anticipated closing of the transaction whereby the KCBT will be acquired by CME Group Inc."
The letter came to light on Thursday as CME released a list of changes it intends to make to KCBT rules and bylaws as a result of the deal. The revisions are set to take effect the day after the transaction is finalized.
CME, owner of the Chicago Board of Trade, in October said that it would buy the KCBT, which trades futures and options for a variety of bread wheat, and expected to close the deal before the end of the year.
A CME spokesman on Thursday declined to comment beyond the previously stated timetable.
Earlier this month, CME received approval ahead of schedule from U.S. anti-trust regulators to buy the KCBT after they determined the deal was not anti-competitive.
CME beat out several rivals to acquire the Kansas City exchange, cementing it dominance in world grain futures markets and keeping rival IntercontinentalExchange (ICE.N) from gaining an important foothold in agriculture.
ICE challenged CME's dominance in agricultural markets earlier this year by launching five U.S. grain and soy contracts that were look-a likes to CME's benchmark contracts. ICE's contracts have not attracted significant volume.
(Reporting By Tom Polansek; Editing by Bernard Orr)