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Alternative Market Briefing

CME gets approval for new European derivatives exchange

Wednesday, March 12, 2014

Benedicte Gravrand, Opalesque Geneva:

CME Group, a large Chicago-based derivatives marketplace, has just received approval from the UK’s Financial Conduct Authority (FCA) for a London-based derivatives exchange. It will be called CME Europe Ltd and will launch on 27th April.

According to the announcement, the exchange has received approval to list its first commodity products, and as previously announced, plans to launch a full suite of FX futures products on the same date, subject to final regulatory approval of certain operational clearing conditions. The initial commodity products to be listed on the exchange include biodiesel, which were previously cleared as swaps on CME Clearing Europe. The latter will provide clearing services to the new exchange.

CME started its foray in Europe a while back, and this year, the group started its new European Trade Repository.

"We have made a commitment to expand our business in London and in Europe and have done that over the last 30 years since establishing our office in London in 1979," Lee Betsill, CEO of ......................

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