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UK-based CME Clearing Europe Ltd. (CMECE), part of leading US-based derivatives marketplace CME Group, has received a status as a registered derivatives clearing organization (DCO) with the US Commodity Futures Trading Commission (CFTC), the regulator said on Wednesday.
This will allow CMECE to clear swaps, futures, and options on futures for US Futures Commission Merchants (FCMs) and their domestic customers.
“The DCO status enables us to clear a truly global marketplace,” Tina Hasenpusch, CEO of CME Clearing Europe, said in a separate statement issued by the company. “This approval will help us facilitate market access to more clients, as well as deepen our liquidity pools,” she added.
With the latest addition, DCOs registered with the CFTC total 16, of which seven are based outside the US.
CME Clearing Europe, launched in 2011, is also authorized as a central counterparty (CCP) under the European Market Infrastructure Regulation (EMIR). The exchange offers access to more than 200 over-the-counter (OTC) commodities contracts for clearing.
Chicago-headquartered CME Group is among the world’s largest derivatives marketplace. It offers access to a wide range of trading instruments, including futures and options on futures, interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.
The company is comprised of four Designated Contract Markets (DCMs) – the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX) and the Commodity Exchange (COMEX).