Derek Sammann, Senior Managing Director, CME Group Interest Rate and FX Products, talks to FX-MM's editor, Steve Shaw, about CME Europe and how market and regulatory developments are driving CME Group’s ambitious business development plans outside the U.S. beyond the new exchange derivatives exchange in London – CME Europe Ltd.
The new exchange is only part of the story. Sammann says, "As we build out our global infrastructure it has to align with where our customers are doing business. Globalizing our infrastructure includes our connectivity hubs for access to CME Globex, building out our European clearing house for clearing OTC foreign exchange products, listing FX derivatives for trading on our planned European exchange, and increasing the scale of our co-location facilities for our global customer base."
And the growth in FX has been more dramatic. Sammann says, "over the last five or six years we’ve really focused on positioning our global foreign exchange business to be a much larger footprint as part of the overall global FX market. That has helped us to significantly outpace the OTC market growth. In 2005 we were trading $40 billion a day in our FX products – which we have now grown to over $110 billion a day this year."
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