Clearing bottlenecks blamed for muted volumes at FMX
Regulatory hurdles and market conditions have also hampered CME rival since its September launch
Limited clearing options, restrictions on non-US users and volatile market conditions have contributed to a slow start for FMX Futures Exchange, which launched on September 24 with aspirations of challenging CME Group’s dominance in US rates derivatives.
The BGC-owned exchange’s volumes have so far been underwhelming compared with rival CME Group’s rates complex. Open interest in three-month FMX futures linked to the US secured overnight financing rate (SOFR) stood at 1,807 contracts on November
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