Bank of America Merrill Lynch (BAML) is the latest entity to announce its participation in GMEX Exchange, ahead of its new product launch on August 7, 2015, according to a GMEX statement.
Global Markets Exchange Group Limited (GMEX) is authorized and regulated by the UK Financial Conduct Authority (FCA) to operate GMEX Exchange. GMEX includes Global Securities Exchange (GSX), GlobalCommodities Exchange (GCX), Global Derivatives Exchange (GDX) and London Derivatives Exchange (LDX).
As per its participation in the upcoming initiation of GMEX, BAML will help offer execution and clearing services for GMEX’s product suite to its respective client base. These products include GMEX’s Interest Rate Swap Constant Maturity Futures contracts (IRS CMF), as backed by Eurex.
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BAML’s newest participation in GMEX Exchange will attempt to emulate the same clearing and settlement capabilities as those garnered by its other Eurex derivatives contracts, which acts as a General Clearing Member via its membership of Eurex Clearing.
According to Brooks Stevens, Managing Director, European head of Futures & Options, OTC Clearing and Foreign Exchange Prime Brokerage (FXPB) at Bank of America Merrill Lynch, in a recent statement on the participation, “We are pleased to be extending our range of products to include the IRS CMF from GMEX Exchange. The contract provides additional choice to clients that are looking for alternatives to standardized exchange-traded derivatives and OTC products.”
“We are delighted to welcome Bank of America Merrill Lynch as a participant of GMEX Exchange to facilitate access for institutional and professional derivatives traders internationally. With the client distribution Bank of America Merrill Lynch brings, we continue to build momentum for our launch and look forward to bringing our IRS CMF to a wide range of buy side firms, banks and futures trading houses,” added Hirander Misra, CEO and Co-founder of GMEX Group, in an accompanying statement.