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CME unveils FX clearing?

There’s some buzz swirling that the CME will reveal plans to clear FX at the annual futures jolly being held as I type at the Boca Raton Resort & Club in Florida. “There are NDAs all over place,” says one contact. “There are some talks going on. It’s probably the biggest topic [at the moment].”

Few would be surprised if the announcement does come today or tomorrow. Several exchanges and clearing houses have long been looking at FX. I would have thought that the exchange would gain more attention announcing any such initiative at the ACI Congress taking place in Cape Town. After all, there’s already clearing in futures and this is an initiative very much aimed at the OTC market.