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Foreign Exchange

CME to trade FX futures on European derivatives platform from 2013

CME Group will begin trading FX futures products in Europe from mid-2013 as part of a new London-based derivatives exchange, the company announced on Monday.

The Chicago-based firm, the world’s largest derivatives and futures-exchange platform operator, says it is in the process of applying to the UK’s Financial Services Authority regulator for a licence to create the exchange, which will be the company’s first for derivatives trading based in Europe. CME’s products and services managing director Robert Ray will become CEO of the new business, which will be called CME Europe. CME Globex is set to act as the electronic trading platform, and CME Clearing Europe, launched in May 2011, will provide CCP clearing services for the London business.

CME Group executive chairman and president Terry Duffy says his company is launching the London exchange in part because more than 20% of CME’s global derivatives volume now originates in Europe.

CME Group CEO Phupinder Gill says: “Launching with a suite of FX products allows us to leverage our 40 years of experience in FX futures for customers in the region who access the futures market during the London business day, but we also plan to look at expanding into additional asset classes.”

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