Merrill Lynch Sharply Reduces Presence On The CME And Phlx

NON-BANKS

As part of its previously announced global staff cuts, Merrill Lynch has significantly reduced its presence on both the Chicago Mercantile Exchange (CME) and Philadelphia Stock Exchange (Phlx), an official confirms. Several weeks ago the institutional group announced it would be reducing its staff by about 250 people, or about 4 per cent of the 5,900 globally in all commodities and futures.

In Chicago, 19 of 25 of Merrill's financial futures team has been let go. "The downsizing of the curren