22 May 2018

CME to set up European derivatives exchange

20 August 2012  |  4570 views  |  0 Parliament Big ben London

CME Group, operator of the world's largest futures exchange, has applied to the Financial Services Authority to establish a European derivatives market based in London.

Pending regulatory approval as a Recognised Investment Exchange, CME Europe Ltd will initially begin trading foreign exchange futures products and is expected to launch mid-2013.

Robert Ray, currently managing director, products and services, will become chief executive officer of CME Europe. CME Globex will be used as the electronic trading platform and CME Clearing Europe Ltd, which launched in May 2011, will provide central counterparty clearing services.

The initiative will pitch the CME against Europe's established derivatives markets Eurex and Liffe, and give prospective new market entrants such as Icap and the London Stock Exchange pause for thought.

Terry Duffy, CME chairman and president, says that more than 20% of the Exchange's current volume originates in Europe.

"Having an exchange in London that can leverage the central counterparty model of CME Clearing Europe will allow us to align ourselves even more closely with our regional customers in both listed futures and over-the-counter markets, and provide additional opportunities to our expanding non-US customer base," he says.

A blockbuster merger between the New York Stock Exchange and Deutsche Bourse was torpedoed by competition chiefs in Brussels last year over fears that the two exchanges would present a formidable obstacle to competition in European derivatives trading.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

CME Group opens tech-focused Belfast office

CME Group opens tech-focused Belfast office

03 May 2012  |  5726 views  |  0 comments
Nyse to invest $85 million in new European derivatives clearing house

Nyse to invest $85 million in new European derivatives clearing house

28 March 2012  |  6686 views  |  0 comments
Nyse Euronext and CME Group make LME bids - Bloomberg

Nyse Euronext and CME Group make LME bids - Bloomberg

17 February 2012  |  5132 views  |  0 comments
Brussels blocks Deutsche Börse/Nyse Euronext merger

Brussels blocks Deutsche Börse/Nyse Euronext merger

01 February 2012  |  5800 views  |  0 comments
CME to start European clearing in May

CME to start European clearing in May

15 March 2011  |  8565 views  |  0 comments
CME Group gets FSA approval for London clearinghouse

CME Group gets FSA approval for London clearinghouse

17 December 2010  |  9128 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.vasco.com/news/mobile-firstVisit aciworldwide.webex.com

Top topics

Most viewed Most shared
PayPal agrees $2.2 billion deal for iZettlePayPal agrees $2.2 billion deal for iZettl...
9673 views comments | 16 tweets | 28 linkedin
BBVA begins global roll-out of unified mobile appBBVA begins global roll-out of unified mob...
8454 views comments | 6 tweets | 5 linkedin
Japanese banks join quantum computing hubJapanese banks join quantum computing hub
7156 views comments | 8 tweets | 5 linkedin
SEC lures wannabe crypto investors with fake ICO siteSEC lures wannabe crypto investors with fa...
6680 views comments | 7 tweets | 11 linkedin
Fidelity creates virtual reality chatbotFidelity creates virtual reality chatbot
6482 views comments | 6 tweets | 12 linkedin

Featured job

Competitive base, double ote, benefits
New York, Boston, Chicago, Philadelphia, USA

Find your next job