CME Group confirms London exchange launch

Derivatives exchange CME Group announced today its decision to create a London-based derivatives exchange, for which it has applied to the UK’s Financial Services Authority (FSA).

CME Europe Ltd will initially begin trading foreign exchange futures products and is expected to launch mid-2013.

According to CME Group, the London exchange will leverage the central counterparty model of CME Clearing Europe and will provide additional opportunities to a growing non-US customer base.

Robert Ray, currently managing director, products and services, will become chief executive of CME Europe.

CME Globex will be used as the electronic trading platform and CME Clearing Europe Ltd, which launched in May 2011, will provide central counterparty clearing services.

“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 Terry Duffy, executive chairman and president at CME Group.

Phupinder Gill, CME Group chief executive added: “Our application to establish an exchange in Europe fits within our strategy to grow organically and is an important next step to meet the growing regional demand from our customers.”

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