CME delays dollar/renminbi futures due to settlement system issues
The US exchange operator hopes to create a transparent, liquid futures contract for renminbi, offering an alternative to the privately negotiated market. But the launch was delayed due to settlement system problems and some traders believe the exchange may face difficulties generating liquidity
CME Group has delayed the launch of its new US dollar/CNY futures contract by seven weeks as trading members interested in the contract say they need more time to reconfigure their back-end settlement system to be able to handle the new currency-quoting format, the derivatives exchange tells Asia Risk.
Initially slated for launch on August 22, CME says these new contracts, to be quoted in European terms rather than American CNY/USD terms, will now be launched on October 17 instead. Comprising a
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