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 CHICAGO (AP) - The oldest U.S. futures and options exchange is going Wall Street after 157 years. The Chicago Board of Trade, founded to do business in corn and soybeans but now predominantly a marketplace for financial futures and options, received a positive reception from investors Tuesday evening to its long-anticipated initial public offering.
Poised for its stock-market debut on Wednesday, the Board of Trade saw its 3.2 million shares on offer priced at $54 a share, according to underwriter Credit Suisse First Boston. That could net as much as $172 million — well above the $147 million it had projected.
The exchange needs the money to improve its trading technology and speed its ongoing embrace of electronic trading in a fast-changing industry.
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