2 Commodities Exchanges Agree to Merge

Directors of the Coffee, Sugar & Cocoa Exchange and the New York Cotton Exchange agreed in principle to merge the two commodity futures and options exchanges. After a joint meeting, the boards of the two exchanges issued a statement saying a merger would save money by eliminating duplicated administration. A name for the new exchange has not yet been chosen. Once the boards adopt a definitive agreement, the members of each exchange will vote on the proposal, the statement said. A two-thirds’ majority of those voting is required to approve a merger.