SINGAPORE, July 10, 2011 /PRNewswire/ -- CME Group, the
world's leading and most diverse derivatives marketplace and the
largest regulated market for foreign exchange, today announced the
launch of new foreign exchange (FX) futures contracts based on the
Chinese Yuan (CNY), or Renminbi. In order to meet growing
global customer demand for products denominated in the Chinese
currency, these innovative new futures contracts will be quoted in
interbank (European) terms, reflecting the number of CNY per US
dollar. These futures products are aligned with the OTC market
convention for non-deliverable forwards while providing the
benefits of counterparty risk mitigation from exchange-traded
derivatives. These new currency products, which will be listed on
and subject to the rules and regulations of CME, will launch
Monday, 22 August for September 2011
settlement and will be allocated to the IMM (International Monetary
Market) Division.
"Given the Yuan's movement toward greater convertibility and the
growing offshore trade of the currency in Hong Kong, CME Group has developed these
innovative new (CNY) futures contracts to further enable our
customers to more effectively manage their currency risk with the
counterparty risk mitigation benefits of an exchange traded
product," said Roger Rutherford, Managing Director FX Products, CME
Group. "The launch of our new Yuan contracts demonstrates CME
Group's continued commitment to our global customer base by
creating new products that are relevant to both mature and emerging
markets. We see the success of these new contracts following a
similar pattern to that of our other emerging markets products such
as Russian Ruble and Brazilian Real, which have seen year to date
growth of 350% and 450% respectively. These significant increases
in both volumes and open interest reflect increasing demand for
credit risk mitigation in emerging markets products, and we believe
that our new Yuan futures products provide these same benefits for
customers managing their Yuan currency risk."
In order to serve both the institutional as well as the retail
market, CME Group will list both a full-sized USD/RMB (CNY)
contract as well as an E-micro version. These new contracts
join CME Group's existing RMB/USD futures contract, launched in
June 2006, and are all traded on CME
Globex as well as available for Blocks and EFPs via CME
ClearPort.
CME Group offers an innovative global product suite of 54
futures and 31 options contracts. CME FX volume averaged
930,000 contracts per day in 2010, up 49 percent versus 2009,
reflecting average daily notional value of $120 billion. E-micro Forex average daily volume
in the first quarter of 2011 was more than 6,900 contracts, up
nearly 109 percent compared to the same period last year. Real-time
price quotes will be available free of charge on CME Group's
E-quivalents web page.
To view a video on CME's new USD/RMB (CNY) FX futures with
Roger Rutherford, visit:
http://at.pscdn.net/008/00102/videoplatform/110623rutherford.html.
For additional information about CME Group's new USD/RMB
(CNY) FX futures, visit www.cmegroup.com/rmb.
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. Further information about CME Group (NASDAQ:
CME) and its products can be found at www.cmegroup.com.
CME-G
SOURCE CME Group