CME Group Inc., the largest and most diverse derivative exchange in the world, has reported that it is applying to the United Kingdom Financial Services Authority (UKFSA) to establish an exchange in London, England.
Pending all approvals, CME said CME Europe Ltd. will launch in mid-2013 and will initially trade foreign currency futures products.
The announcement was made Aug. 20.
CME continues to experience increasing business from its customers in Europe, with more than 20% of trading volume now originating from the European region, noted CME chair and president Terry Duffy.
Having an exchange in London will allow CME to align even more closely with European customers in both futures and over-the-counter markets and will provide additional opportunities for CME to expand its non-U.S. customer base, he said.
The application to establish an exchange in Europe fits with CME's strategy to grow organically, said CME chief executive officer Phupinder Gill. Launching with a suite of foreign currency exchange products allows CME to leverage more than 40 years of experience in currency exchange futures for customers in the region who access the futures markets during the London business day.
He added that the exchange, post-launch, will consider expansion into additional asset classes...
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