Old-School CME Traders Dey Sue Over Electronic Trading Wahala

For July 7, group of experienced CME and CBOT traders go appear for Cook County court to start class-action case against CME Group. Plaintiffs dey talk say CME for 2012 switch go their Aurora electronic trading platform break membership contracts, make Class B shares and rights lose value, plus cause damage pass $1 billion. Judge Patrick J. Sherlock reject CME motion to dismiss for April, talk say factual arguments need jury trial. Members talk say non-members for Aurora dey pay lower fees, wey cause trading costs and exclusive access reduce. CME membership before value pass $1 million, now e don fall to around $700,000, wey dey spoil family legacy. Plaintiffs want damages wey get relation to lost value and statement say Aurora qualify as trading floor, fit make new membership rules appear. Result wey no favor CME fit change their membership model, affect Cboe merger talks wey fit happen, and change access and fees for traders.