News Release

CME Group to Serve as Administrator for Market Agreed Coupon Swaps Contract

Wed Mar 15 2017

CHICAGO, March 15, 2017 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced that it will serve as the administrator for SIFMA Asset Management Group's (AMG) Market Agreed Coupon (MAC) swap contract, which was previously administered by SIFMA. MAC swaps are interest rate swap (IRS) contracts with pre-defined, market-agreed terms developed by SIFMA AMG and ISDA in 2013.

CME Group will serve as the administrator, calculation agent and publication agent for MAC swaps, and as a supplemental outlet for promoting and disseminating information about the contracts. SIFMA AMG will continue to be a resource for MAC swaps, and the standardized MAC swap coupon rates will continue to be available to industry participants free of charge.

"MAC contracts provide the marketplace with an important choice for transacting interest rate swaps using pre-agreed terms," said Laura Martin, Managing Director and Associate General Counsel, SIFMA AMG. "CME Group brings a systematic capability and proven infrastructure to calculate MAC swap coupons, monitor rates and further develop this product. We look forward to this collaboration and the benefits it will bring to end-users."

"As part of CME Group's benchmark administration services, we are pleased to serve as the administrator for MAC swaps, which promote transparency and liquidity in the IRS market," said Agha Mirza, CME Group's Global Head of Interest Rate Products. "CME Group continues to support efforts to bring capital and operational efficiencies to the industry and to our customers."  

Each quarter, CME Group will calculate MAC rates and communicate via the CME Group website and an email distribution. For additional information, please visit www.cmegroup.com/mac-standard.

SIFMA's Asset Management Group (SIFMA AMG) members represent U.S. asset management firms whose combined global assets under management exceed $34 trillion. The clients of SIFMA AMG member firms include, among others, tens of millions of individual investors, registered investment companies, endowments, public and private pension funds, UCITS and private funds such as hedge funds and private equity funds.  For more information, visit http://www.sifma.org/amg.

About CME Group

As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk.  Through its exchanges, CME Group offers 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 products and metals.  CME Group provides electronic trading globally on its CME Globex platform.  The company also offers clearing and settlement services across asset classes for exchange-traded and over-the-counter derivatives through its clearinghouses CME Clearing and CME Clearing Europe.  CME Group's products and services ensure that businesses around the world can effectively manage risk and achieve growth.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT, Chicago Board of Trade, KCBT and Kansas City Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc.  Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc.  All other trademarks are the property of their respective owners. 

About SIFMA

SIFMA is the voice of the U.S. securities industry. We represent the broker-dealers, banks and asset managers whose nearly 1 million employees provide access to the capital markets, raising over $2.5 trillion for businesses and municipalities in the U.S., serving clients with over $20 trillion in assets and managing more than $67 trillion in assets for individual and institutional clients including mutual funds and retirement plans. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.

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SOURCE CME Group

Media Contacts, Alex Gorbokon, 312.930.3193, Michael Shore, 312.930.2363, news@cmegroup.com, www.cmegroup.mediaroom.com, OR Investor Contact, John Peschier, 312.930.8491, OR SIFMA AMG Contact, Liz Pierce, 212.313.1173, lpierce@sifma.org

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