Over the past year, if there is one thing we have learned from the financial crisis it is the invaluable benefit that clearing brings to the marketplace. During this time, CME Group has worked hard to extend clearing services to the over-the-counter (OTC) market. As a leading clearing provider, CME Group is well positioned to work with both the buy- and sell-sides to develop products and post-trade services that best support their business models.

As a result, this year CME Group has significantly increased the range of products available for our customers who are active in OTC markets. Through the end of the third-quarter, 220 new products became available through CME ClearPort. The London Gold Forwards contract, for example, is an important new product for the precious metals market. We also broadened the product list to include agricultural commodities, grain swaps and S&P GSCI swaps. We plan on further expanding the flexible services available through CME ClearPort to serve two of the world's largest financial markets, foreign exchange and interest rates.

CME ClearPort is not our only OTC market clearing offering. We are also preparing to launch a cleared-only service for the $27 trillion credit-default swap market. The growing appreciation for the role of clearing in the transaction process is just one of a number of key issues and trends stemming from the financial crisis. This edition of CME Group Magazine offers viewpoints on a number of ongoing debates:

• Will the U.S. dollar continue to hold its own as a global reserve currency?
• What should be the structure of a regulatory framework that addresses many of the issues in the current structure while continuing to foster efficient and competitive U.S. markets?
• Does the recent rise in U.S. home prices signal a housing market recovery or is it simply a brief directional change in the declining price trend?

We look forward to keeping you informed on these developments and the exciting opportunities they present to market participants.

 

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