• CME GROUP SUED BY TRADERS OVER SETTLEMENT RULES--REPORT

  • A group of two dozen brokers and traders filed suit in Cook County, Ill. Friday in an attempt to stop CME Group. (CME) from instituting new rules in its commodity exchanges that would reduce the role of pit traders in determining settlement prices, Reuters reported Friday.
    The suit is a last stand by the pit traders against the new rules, which are due to take effect Monday. In May, CME and subsidiary CBOT said they would change the price-settlement system to an algorithm that considers both floor trading and electronic trading, Reuters reported.

    Complete report: http://www.reuters.com/article/2012/06/23/us-cme-lawsuit-traders-idUSBRE85M01020120623?type=companyNews