If the deal proves to be a mistake, in other words, that would presumably allow CME to gain ground on a troubled competitor.

Taking a look at the exchange stocks on Friday, it would be tempting to buy everything that was sold on Thursday and sell or short everything the market bid up. At the very least, it looks like Thursday's announcement settled very little.

-- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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