Edward Ditmire, an analyst with Fox-Pitt, Kelton, said of CME's special dividend, "It's a way to make the Nymex deal more attractive without having to explicitly raise its offer. The dividend is a reward for voting for the deal." The Nymex deal must be approved by Nymex members and shareholders and the Securities Exchange Commission. The special dividend will be paid after CME's acquisition of Nymex closes, expected in the fourth quarter. The stock repurchase will take place over a period of 18 months, subject to market conditions.