Uncertainty over whether a technology agreement between Euronext and the Chicago Board of Trade would continue after the merger between NYSE Group and the European exchange goes through influenced the CBOT to merge with the Chicago Mercantile Exchange.

The CBOT has been using Liffe Connect, Euronext.liffe's derivatives trading system, since 2004 but the merger between Euronext and the NYSE, announced in June, threw that arrangement into doubt. According to a source, this was an important factor in the CBOT's decision to merge with its rival to create CME Group, a $25bn (€20bn) derivatives operator. CME owns the Globex trading system. "When you don't own your own system and you are as big as the CBOT you need to have control of your platform," the source said. Craig Donohue, chief executive of the CME said: "To meet this level of competition, we have enhanced the technology and distribution capabilities of the CME Globex electronic trading platform to the point where 70% of our business is transacted electronically, with an increasing portion coming from Europe."