CME metals sold to NYSE Euronext

20 Mar 2008

by Paul Francis-Grey

NYSE Euronext has bought CME Group’s gold and silver complex in a move that may have helped smooth out any difficulty in the Chicago outfit’s acquisition of New York Mercantile Exchange (Nymex).

The deal will see NYSE Euronext acquire the CME Group’s legacy Chicago Board of Trade (CBoT) metals complex including volume and open interest. Liffe’s Connect system will become the trading platform for the contract while CME will offer clearing for one year.

It is unclear how much the deal was struck for.

The sale by...

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.

CME metals sold to NYSE Euronext

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