Inside these posts: Clearinghouse

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NYSE to launch direct challenge to CME March 21

NYSE Euronext will launch its long-awaited challenge to CME Group’s lucrative interest rate futures franchise on March 21, the exchange operator said on Wednesday.

The launch highlights the importance of the derivatives business to the operator of the world’s best known stock exchange, which agreed last month to be taken over by Germany’s Deutsche Boerse AG. The combination would dominate European futures trading, even as the NYSE tries to win a foothold in U.S futures, where CME is the biggest player. Get the full story »

NYSE clearinghouse rival to CME wins approval

New York Portfolio Clearing, a start-up clearinghouse co-owned by NYSE Euronext, won regulatory approval to clear derivatives, paving the way for competition with futures exchange giant CME Group Inc.

NYPC, jointly owned by the Big Board’s parent and the Depository Trust and Clearing Corp, will clear interest rate futures offered by NYSE Euronext’s U.S. futures exchange, NYSE Liffe, a statement from the U.S. Commodity Futures Trading Commission said. Get the full story »

CME sees jump in swaps clearing later this year

CME Group, which began clearing interest-rate swaps in October, expects a jump in business this year after a U.S. legislative mandate on clearing goes into effect, a CME executive said on Monday. Get the full story »

CME takes out $1B credit line to cover defaults

Bloomberg News | CME Group Inc. has gotten a $1 billion revolving credit line arranged by JPMorgan Chase & Co., Bank of Montreal and Bank of America Corp. to use in the event of clearinghouse defaults or problems with money transfers.

CME Group 3Q profit up, in line with Street view

CME Group Inc., the world’s biggest futures exchange operator, said third-quarter profit rose in line with Wall Street expectations, as an increase in trading helped buoy the bottom line.

Net income jumped 21 percent to $244 million, or $3.66 per share, from $202 million, or $3.04 a share, in the year-earlier quarter. Revenue rose 13 percent to $733 million, as trading increased 14 percent. Get the full story »

Swaps clearing process clears first CFTC hurdle

The Commodity Futures Trading Commission on Tuesday approved a proposal to establish a process for deciding which swaps or class of swaps should be submitted to clearinghouses.

The proposal, approvedĀ  5-0, will be published for comment. A second vote is needed to implement it. Get the full story »