CHICAGO, Jan. 28, 2019 /PRNewswire/ -- CME
Group, the world's leading and most diverse derivatives
marketplace, announced that Citi and Eaton Vance Management began
clearing FX Cash-Settled Forwards at CME Group. CME cleared
two Euro / US dollar trades on
January 15, 2019.
"CME Group is pleased to clear our first cash-settled forwards,
which provide a new capital-efficient way for our customers to
trade G10 foreign exchange," said Sean
Tully, CME Group Global Head of Financial and OTC
Products. "This first cash-settled trade, combined with the
recent increase in our Non-Deliverable Forward clearing volume in
late 2018, allows us to work with our clients, clearing members and
liquidity providers to help customers mitigate their risks through
cleared solutions."
"Citi is excited to execute and clear the first CME-cleared
cash-settled forwards with Eaton Vance Management, an industry
milestone," said Christopher
Perkins, Global Head, OTC Clearing and FX Prime Brokerage at
Citi. "With uncleared margin rules impacting buyside clients over
the next two years, Citi is excited to leverage our leadership in
the FX PB and clearing space to help clients execute and clear
their NDFs and CSFs at CME."
"Eaton Vance Management strives to reduce the total cost of
trading for our investors," said Michael
O'Brien, Head of Global Trading at Eaton Vance
Management. "We are big supporters of central clearing and now
is the time for the FX marketplace to make buy-side clearing of
CSFs and NDFs a reality."
CME Group offers clearing for 26 currency pairs of FX
cash-settled forwards and 11 pairs of non-deliverable
forwards.
CME Group offers the leading FX futures exchange globally with
more than $91 billion average daily
volume (ADV) across listed FX futures and options year to date, and
more than $260 billion of open
interest.
For more information, please visit:
http://www.cmegroup.com/trading/fx/otc.html.
About CME Group
As the world's leading and most
diverse derivatives marketplace, CME Group (www.cmegroup.com)
enables clients to trade futures, options, cash and OTC markets,
optimize portfolios, and analyze data – empowering market
participants worldwide to efficiently manage risk and capture
opportunities. CME Group exchanges offer the widest range of global
benchmark products across all major asset classes based
on interest rates, equity indexes, foreign
exchange, energy, agricultural
products and metals. The company offers futures and
options on futures trading through the CME Globex® platform, fixed
income trading via BrokerTec and foreign exchange trading on the
EBS platform. In addition, it operates one of the world's
leading central counterparty clearing providers, CME
Clearing. With a range of pre- and post-trade products and
services underpinning the entire lifecycle of a trade, CME Group
also offers optimization and reconciliation services through
TriOptima, and trade processing services through Traiana.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange,
Globex, and, E-mini are trademarks of Chicago Mercantile Exchange
Inc. CBOT and Chicago Board
of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York
Mercantile Exchange and ClearPort are trademarks of New York
Mercantile Exchange, Inc. COMEX is a trademark of Commodity
Exchange, Inc. BrokerTec, EBS, TriOptima, and Traiana are
trademarks of BrokerTec Europe LTD, EBS Group LTD, TriOptima AB,
and Traiana, Inc., respectively. Dow Jones, Dow Jones
Industrial Average, S&P 500 and S&P are service and/or
trademarks of Dow Jones Trademark Holdings LLC, Standard &
Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as
the case may be, and have been licensed for use by Chicago
Mercantile Exchange Inc. All other trademarks are the
property of their respective owners.
CME-G
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SOURCE CME Group