back to newsCME Group Expands Emerging Markets Currency Futures Suite
by Chicago Mercantile Exchange 22 Oct 16:37
Turkish lira futures to broaden currency risk management range
CHICAGO, Oct. 22 /PRNewswire-FirstCall/ — CME Group, the world’s largest
and most diverse derivatives exchange, today announced that it will augment
its portfolio of emerging markets currencies products with the introduction
of Turkish lira futures contracts denominated in both U.S. dollars (TRY/USD)
and in euros (TRY/EUR). The new contracts will trade exclusively on the CME
Globex® electronic trading platform and are currently scheduled to begin
trading in the first quarter of January, 2009.
“We see emerging markets currencies, such as the Turkish lira, as another
component in growing our FX business around the world. As Turkey continues
its development within the global economy, the lira contract will be a key
plank in our growing emerging markets currency products range,” said Derek
Sammann, CME Group Managing Director of FX Products. “Overall CME Group FX
volumes achieved new record highs in September, averaging 835,000 contracts
per day, up 32 percent on September 2007, which was a record average daily
notional value of $111 billion, up 41 percent.”
In the last 12 months, volumes in CME Group’s top four emerging markets
currencies — the Russian ruble, Mexican peso, South African rand and Chinese
renminbi — have grown an average of 152 percent. Individually, volumes in
the renminbi rose 234 percent, the ruble 178 percent, the rand 141 percent
and the peso 56 percent.
CME Group Turkish lira futures are designed to serve global customers by
expanding liquidity in this growing currency. Benefits include:
With a GDP approaching $950 billion, forecast to grow at 5.4 percent this
year, Turkey’s economy offers long-term potential for trading in the lira.
To help provide liquidity in this new market, CME Group will solicit
market-making firms that will commit to providing continuous, transparent and
competitive markets in these contracts. Eligible market participants will
also benefit from CME Group’s Emerging Markets Incentive Program. For more
information on CME Group Turkish Lira Futures, please visit
http://www.cmegroup.com/try.
CME Group offers the largest regulated FX complex in the world, providing FX
users with liquid, transparent markets, guaranteed execution and central
counterparty clearing risk management on 43 individual FX futures and 31
options on futures products.* Last year over 144 million FX contracts with a
notional value of over $17.9 trillion traded at CME Group. For more
information on CME Group FX products, visit http://www.cmegroup.com/fx.
CME Group (http://www.cmegroup.com/) is the world’s largest and most diverse
derivatives exchange. Building on the heritage of CME, CBOT and NYMEX, CME
Group serves the risk management needs of customers around the globe. As an
international marketplace, CME Group brings buyers and sellers together on
the CME Globex electronic trading platform and on trading floors in Chicago
and New York. By acting as the buyer to every seller and the seller to every
buyer, CME Clearing virtually eliminates counterparty credit risk. CME
Clearing also offers $7 billion in financial safeguards to help mitigate
systemic risk, providing the security and confidence market participants need
to operate, invest and grow. CME Group offers the widest range of benchmark
products available across all major asset classes, including futures and
options based on interest rates, equity indexes, foreign exchange, energy,
agricultural commodities, metals, and alternative investment products such as
weather and real estate. CME Group is listed on NASDAQ under the symbol
“CME.”
The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex and E-
mini, are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago
Board of Trade are trademarks of the Board of Trade of the City of Chicago.
NYMEX, New York Mercantile Exchange, and ClearPort are trademarks of New York
Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc.
All other trademarks are the property of their respective owners. Further
information about CME Group and its products can be found at
http://www.cmegroup.com/.
CME-G
SOURCE: CME Group
CONTACT: Media, Jeremy Hughes, +44.207.796.7112, or Allan Schoenberg,
+1-312-930-8189, news@cmegroup.com, or Investors, John Peschier,
+1-312-930-8491, all of CME Group
Web site: http://www.cme.com/
