LONDON, June 8, 2011 /PRNewswire/ -- CME Clearing, a
wholly-owned London-based
subsidiary of CME Group, today announced that it has added two new
over-the-counter diesel and two biodiesel contracts for clearing as
the company expands its European product offerings. In
addition, the company will be adding Credit Suisse as a clearing
member firm bringing the total number of clearing members to
16.
"We continue to develop opportunities for helping our customers
in Europe who need to manage their
risk in the energy market, and in the coming weeks we will be
adding more agricultural and energy specific contracts as we now
start to increasingly expand our service offerings for the region,"
said Andrew Lamb, Chief Executive
Officer of CME Clearing Europe. "As the industry looks for ways to
manage the risk associated with customer portfolios and to meet new
regulatory requirements, we are encouraged by the growing interest
from market participants to connect to CME Clearing
Europe."
"We are very pleased to support CME Group's latest European
initiative as we continue to pursue new ways to help our clients
manage their risk needs," said Steve
Mahoney, Head of OTC Clearing, Credit Suisse. "We look
forward to working with CME Clearing Europe more closely as they
expand their suite of products."
The new contracts will further provide customers with local
products that have regional and operational attributes and include
the following:
- European RME Biodiesel fob Rotterdam (Argus) vs. European Gasoil (ICE)
Spread Calendar Swap
- European FAME 0 Biodiesel fob Rotterdam (Argus) vs. European Gasoil (ICE)
Spread Calendar Swap
- European Diesel 10ppm Cargoes cif NWE (Platts) Calendar
Swap
European ULSD 10ppm Cargoes cif NWE (Platts) Calendar Swap
About CME Clearing Europe
CME Clearing Europe (www.cmeclearingeurope.com), a wholly owned
subsidiary of CME Group, has been established in London with the aim of offering services as a
multi-product clearing house focused on non-US customers. CME
Clearing Europe will provide world class clearing for a broad base
of customers, building on its European presence to extend the
geographical reach of CME Group's clearing services. CME Clearing
Europe will ensure stability and increase transparency in the
markets cleared, helping to reduce and contain systemic risk. CME
Clearing Europe was approved as a Recognised Clearing House (RCH)
by the Financial Services Authority (FSA) of the United Kingdom in December 2010. Separately, CME Clearing Europe
has applied to the Commodity Futures Trading Commission (CFTC) to
become a registered Derivatives Clearing Organization (DCO).
About CME Group
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) is where the world comes to 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 together
through its CME Globex® electronic trading platform 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, which offers clearing and
settlement services for exchange-traded contracts, as well as for
over-the-counter derivatives transactions through CME ClearPort®.
These products and services ensure that businesses everywhere
can substantially mitigate counterparty credit risk in both listed
and over-the-counter derivatives markets.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globex and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the
Board of Trade of the City of
Chicago, Inc. NYMEX, New York Mercantile Exchange and
ClearPort are registered 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.
CME-G
SOURCE CME Group