Commodities Management Exchange CMX) has announced plans to
launch OTC metals contracts in the next month.
CMX, a Northfield, Illinois-based Internet company that
holds physical metals auctions, will start with cash settled
forward and swaps contracts on primary and secondary aluminum.
The exchange is also developing copper, zinc as well as
platinum contracts. Mike Castagna, of CMX told FO Week
that end users such as automobile makers, parts manufacturers
and aluminum companies that are active users of CMX's metals
auctions will be the primary users of its forward contracts.
CMX, has signed on three clearing members and is in the process
of signing up several more. In November 2001, CMX signed an
agreement with Board of Trade Clearing Corporation's subsidiary
Guarantee Clearing Corporation to provide processing and
guarantees on CMX contracts.
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