Mon Aug 20, 2012, 05:46 AM
dipsydoodle (33,116 posts)
CME Plans London-based Derivatives Exchange
CME Group Inc CME +1.18% (CME CME +1.18% ), the world's largest exchange by market capitalization, Monday said it's planning to launch a London-based derivatives exchange, in a move that will see it compete with rivals run by NYSE Euronext NYX +0.70% (NYX) and Deutsche Boerse AG DB1.XE -0.14% (DB1.XE).
The exchange is applying to the U.K. Financial Services Authority for a recognised investment exchange license and will initially begin trading foreign exchange futures products, the company said.
Robert Ray, managing director for products and services at CME Group, will become chief executive of the new platform, which will operate on the CME's electronic Globex platform and clear through CME Clearing Europe, the company's European clearing house launched in May last year. The new exchange is expected to launch in mid-2013.
CME Group Chief Executive Phupinder Gill said in the statement: "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."
Read more: http://online.wsj.com/article/SB10000872396390443989204577600583460506826.html
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CME Plans London-based Derivatives Exchange (Original post)
Response to dipsydoodle (Original post)
Mon Aug 20, 2012, 11:06 AM
lovuian (18,403 posts)
3. London is truly head of the Corporate EVIL Doers
Haven't we suffered enough with derivitives Haven't we learned our lessons over loss of Trillions
Guess the Corruption continues
Response to lovuian (Reply #3)
Tue Aug 21, 2012, 08:01 AM
Nihil (11,276 posts)
4. Oh the lessons have been learned all right ...
1) Crime does pay (really well actually).
2) Punishment is only for little people.
3) If you are rich, you can be as blatant a criminal as you could wish.
4) Justice, laws & taxes are a simple matter of negotiating the correct bribes to the correct people.
5) No need to give a shit about the future - that's someone else's problem.
There are lots of lessons that have been learned over the recent years and the
biggest one is "There is nothing that you can do to change things so you might
as well give up all hope of doing so."