CME Group today announced a workforce reduction of 380 positions, following its merger with the CBOT.

The reduction is expected to be completed by June 2008 and reflects CME Group’s efforts to leverage synergies resulting from the CME and CBOT merger, it says.

All individuals whose positions are being eliminated will be informed this week and will be eligible for an enhanced severance package, including outplacement services designed to help employees through their transition. Outplacement services are being offered through Scherer, Schneider & Paulick.

The company also announced that the integration of CBOT products onto the CME Globex electronic platform will take place over two weekends in January 2008 — January 13 (commodities and equity indexes) and January 27 (interest rates). Previously, this integration was planned to take place during the first quarter 2008. Mock trading will begin in December 2007.

Additionally, CME and CBOT open outcry markets will be migrated onto a single trading floor facility located at the CBOT building beginning in March 2008. The floor consolidation, which was initially expected to happen 12 to 18 months following close of the merger, had previously been moved up to the second quarter 2008.