The Chicago Mercantile Exchange as seen March 17, 2008. REUTERS/John Gress
By Luke Jeffs and David Sheppard
LONDON (Reuters) – CME Group Inc , the biggest U.S. futures market operator, plans to launch a European exchange in a bid to break the duopoly of NYSE Euronext and Deutsche Boerse AG and expand CME’s customer base in the process.
The operator of the Chicago Mercantile Exchange, the Chicago Board of Trade and the New York Mercantile Exchange said on Monday it was applying to Britain’s Financial Services Authority for approval to open a London-based market offering currency futures in mid-2013.
CME has stakes in several foreign exchanges, including in Brazil and Dubai, but London would be its first solo run in an overseas market. CME’s new CEO, Malaysia-born Phupinder Gill, took the reins of the Chicago-based company earlier this year vowing an international perspective for the 164-year-old U.S. futures powerhouse… Read More