The CME's new London market finally launches
Love them or hate them you have to hand it to the Merc --
they stuck to their guns and nearly two years after announcing
their plan to launch CME Europe, the platform finally went live
at the rather inauspicious time of 11pm on Sunday April 27.
The CME’s nascent European exchange also went
live with the slightly unusual product mix of 30 foreign
exchange futures and a single biofuel contract, the latter a
contingency against failure to secure regulatory approval for
the currency futures that in the end wasn’t
It was a close call however.
The CME only learned on the afternoon of Thursday April 24
(so barely 72 hours before its scheduled launch) that the Bank
of England had finally approved its application to trade
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