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Arbor takes over as CBOT chief

CHICAGO -- The new chairman of the Chicago Board of Trade has promised to expand trading facilities for financial futures, improve member profitability and cut expenses.

Patrick Arbor made the pledge Monday, his first official day as chairman.

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He said a plan for a new trading floor will be proposed within six months and he will try to boost sagging seat prices.

'Our memberships are undervalued, but we can address this in a variety of ways -- by educating our members and the community and also by introducing new trading techniques to replace age-old ways of trading that have not kept pace with the upstairs trader,' Arbor told reporters.

He said one of the biggest challenges facing the exchange is how to relieve overcrowding on the trading floor, especially in the financial trading pits.

CBOT members soundly defeated a proposal last month to acquire property near the Exchange for another trading floor. Several other plans have been proposed and are under consideration.

Arbor also increased the CBOT Executive Committee from six members to seven. Ralph Goldenberg, David Fisher and Mark Shlaes will replace outgoing CBOT Chairman William O'Connor and First Vice Chairman Dale Lorenzen on the committee.

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