Chicago Mercantile Exchange (CME) has announced its intention to launch credit futures in the first quarter of 2007, challenging Eurex to become the first exchange to put the $26tr OTC industry on exchange.
CME, which has been working on a credit futures contract in conjunction with Chicago Board of Trade (CBoT), filed an application with Commodity Futures Trading Commission (CFTC) on 17 October, alongside its proposed $8bn takeover of CBoT, to list credit event futures on three companies - homebuilder Centex, US retailer Jones Apparel and...