CME gets go-ahead to offer Globex trading in Australia

Australian market participants can now access the Chicago Mercantile Exchange and its products, after the Australian government gave a licence to the CME’s electronic trading platform, Globex.

Until now, CME markets could only be accessed from Australia indirectly through third parties. The CME said the change would reduce costs and execution times.

The Australian government welcomed the start of Globex operations in Australia. Ross Cameron, parliamentary secretary to the Treasurer, said the CME’s entry could increase competition for derivatives, encouraging the growth of the Australian financial system.

“This is a positive development for the Australian financial community, and is evidence of Australia’s growing importance as a leading financial centre and our continued integration with the global economy,” he said.

The CME said its eurodollar contracts, futures and options on futures on the Australian dollar would prove most useful for the Australian financial markets.