-CME Group applies to create UK exchange.
BANKING AND CREDIT NEWS-August 20, 2012--CME Group applies to create UK exchange(C)2012 M2 COMMUNICATIONS http://www.m2.com
20 August 2012 -- U.S.-based derivatives marketplace provider CME Group (NASDAQ: CME) said it is in the process of applying to the United Kingdom's Financial Services Authority to create a London-based derivatives exchange.
Pending regulatory approval as a Recognized Investment Exchange, CME Europe Ltd will initially begin trading foreign exchange futures products and is expected to launch mid-2013.
"We continue to see an increase in business coming from our diverse set of customers in Europe, with more than 20 % of our volume now originating from the region," said CME Group Executive chairman and president Terry Duffy.
He added that having an exchange in London that can leverage the central counterparty model of CME Clearing Europe will allow the firm to align itself even more closely with its regional customers in both listed futures and over-the-counter markets, and provide additional opportunities to its expanding non-U.S. customer base.
1 USD = 0.636494 GBP
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Aug 20, 2012|
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