LONDON, March 15, 2011/PRNewswire/--CME Clearing Europe, a wholly-owned London-based subsidiary of CME Group, announced today that it will begin to Clear more than 150 over the counter (OTC) energy and commodities derivatives begins Friday, may 6.
-Start clearing at CME Clearing Europe time in light of the need for improved risk management in commodity markets and imminent legal changes required of OTC derivatives, says Andrew Lamb, Chief Executive Officer of CME Clearing Europe. "First our product expansion will focus on commodity products – energy, metals and agriculture – we aim to introduce clearing for OTC financial derivatives, beginning with interest rate swaps, in parallel with the deepening of commodity clearance. Our goal is to offer a complete multi asset OTC Clearing service, based on the CME Group's clearing experience as well as its established and growing European presence. "
Fifteen international financial organisations on its way to becoming the first clearing members, including Bache commodities Limited, BHF-Bank AG, BNP Paribas Commodity Futures Limited, Citigroup global markets Limited, Deutsche Bank AG, INTL global currencies Limited, HSBC Bank PLC, MFGlobal UK Limited, Newedge Group (UK branch), the Royal Bank of Scotland PLC, State Street Bank GmbH and UBS Limited. In addition, Citibank with Barclays Bank PLC and J.P. Morgan as settlement banks to CME Clearing Europe and its members in a clearing.
As part of its inception, CME Clearing Europe will clean up eight OTC contracts based on Dubai Mercantile Exchange (DME) Oman crude oil futures contract will continue to be available for clearing through CME Clearing. CME Clearing Europe begins also deselect a OTC derivatives contracts to be fully collateralised based on rapeseed oil prices. Rapeseed oil is used for food and non-food purposes (e.g., cosmetics) and for the production of biodiesel fuels. Rapeseed contract is an extension of the CME Group's European product offering, which go beyond the existing product range that is specified for a clearing in the United States and will be followed by further regionally specific products.
CME Clearing Europe was approved by a recognized Clearing House (RCH) of the Financial Services Authority (FSA) in the United Kingdom in December 2010. CME Clearing Europe separately, apply to the Commodity Futures Trading Commission (CFTC) to become a registered derivatives Clearing organization (DCO).
About CME Clearing Europe
CME Clearing Europe (www.cmeclearingeurope.com), a wholly owned subsidiary of CME Group has been established in London in order to offer services as a multi-product clearing organization that focused on non-US customers. CME Clearing Europe will provide world class clearing for a broad base of customers, based on the European presence to extend the geographical scope of CME Group's clearing services. CME Clearing Europe will guarantee stability and greater transparency in the markets cleared, helps reduce and contain systemic risk.
About CME Group
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) was world will manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers through its CME Globex ® platform for electronic commerce and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the world's leading central counterparty Clearing providers offering clearing and settlement services for traded and OTC derivatives transactions through CME ClearPort ®. Ensure that businesses everywhere can significantly reduce counterparty credit risk in both listed and over-the-counter derivatives markets these products and services.
Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex, E-mini and CME ClearPort are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of city of Chicago. NYMEX and the New York Mercantile Exchange are trademarks of the New York Mercantile Exchange, Inc. COMEX is a trademark of commodity Exchange, Inc. All other trademarks belong to their respective owners. More information on CME Group (Nasdaq: CME) and its products can be found at www.cmegroup.com.
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