This article reviews some of the 2007 events in the futures industry. When the Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBOT) announced they would merge in October 2006, it was the climax of more than a century of competition between the two. Besides the CME deal, several other mergers closed in 2007. Prior to its CBOT run, Intercontinental Exchange managed to close its purchase of the New York Board of Trade and by year end it closed on its purchase of the Winnipeg Commodity Exchange. The Philadelphia Stock Exchange may have held the record for most rumored partners but in the end they signed a deal with Nasdaq. In September OMX, Nasdaq, and Dubai announced the most complex merger deal in the history of exchanges. Meanwhile, Merrill Lynch accumulated the largest losses in the company's history, and yet CEO Stanley O'Neal retired with a compensation package valued at $161.5 million.