Although it has been one of the market’s worst kept secrets, the announcement by Chicago Mercantile Exchange chief executive Craig Donohue that it will launch OTC FX clearing by the end of 2009 came as a bit of a surprise. According to Dow Jones Newswires, Donohue broke the news on the sidelines of a conference in Chicago on Wednesday. Apparently, the CME has decided to go for a soft launch, perhaps as a result of the debacle around FXMarketSpace that proved to be more FXWasteofSpace.
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