Chicago Mercantile Exchange (CME) has received final regulatory approval from the Australian government to provide traders in the country with direct access to its electronic trading platform, Globex.
Under the terms of the approval, CME can immediately begin providing direct access to Globex to Australian market participants. Previously, CME markets could only be accessed from Australia indirectly through third party connections, which is more expensive than direct access.
The CME is the first exchange outside Australia to be licensed under the new Chapter 7 of the Australian Corporations Act. The exchange says there has been growing demand from the Australian financial community for its products, particularly its Eurodollar interest rate and foreign exchange product.
Craig Donohue, CEO, CME, adds: "The superior liquidity and transparency provided by the diverse range of CME products, along with our clearing, capital and operational efficiencies, will prove to be beneficial to the Australian financial community."