The Chicago Board of Trade (CBOT), established in 1848, is a leading futures and futures-options exchange. More than 3,600 CBOT member/stockholders trade 50 different futures and options products at the CBOT by open auction and electronically.

CME Group, Inc. (CME), operates as a diverse financial exchange. It offers futures and options on futures in various product areas, including interest rates, equity indexes, foreign exchange, agricultural commodities, and energy, as well as alternative investment products, such as weather, real estate, and economic derivatives. The company was founded in 1898 and is based in Chicago, Illinois.

IntercontinentalExchange, Inc (ICE), through its subsidiaries, owns and operates an Internet-based global electronic marketplace for trading in futures and over-the-counter (OTC) commodities, and derivative financial products in the United States and internationally. The company operates in four segments: Energy Futures and Options Markets, Global OTC Markets, Market Data, and Soft Commodity Futures and Options Markets. The company is headquartered in Atlanta, Georgia.

Cypress advised certain institutional shareholders of CBOT on improving terms of its sale process and the value of revised bids by CME and InterContinentalExchange Inc. CBOT ultimately agreed to significantly improved terms in the final agreement with CME.