The message came from the top in September. Craig Donohue,
chief executive of CME Group, signalled the exchange was going
to make another attempt to break into the promised land - read
promised revenues - of the $2tr a day over-the-counter foreign
The keys to the kingdom, he said, were to be found in
ClearPort, the clearing platform CME had acquired with last
year's takeover of the New York Mercantile Exchange. Central
counterparty (CCP) clearing would be the way in to the FX
The initial market reaction to Donohue's statement was
Hadn't CME trumpeted its earlier move into foreign exchange
in a joint venture with Thomson Reuters called FXMarketSpace?
And why had that venture - and talk of a golden age of central
clearing for FX trades - only lasted two years?
Untimely end Launched in May 2006, FXMarketSpace was, as far
as outsiders could gauge, a costly...
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