The New York Stock Exchange’s planned merger with electronic stock exchange Archipelago is an “attempt at playing catch-up” with the Chicago Mercantile Exchange and has no effect on the futures exchange’s strategy, the CME said on Wednesday.

The comments, by Leo Melamed, a former chairman of the largest US futures exchange and a member of its board, are a sign that the CME feels under no pressure to take part in exchange consolidation in the wake of the NYSE’s move.