GMEX Teams with Eurex for License on Swap Trading & Clearing

Global Markets Exchange Group Limited (GMEX), a subsidiary of GMEX Group, has entered into a licensing agreement with derivatives market

GMEXGlobal Markets Exchange Group Limited (GMEX), a subsidiary of GMEX Group, has entered into a licensing agreement with derivatives market Eurex, enabling GMEX’s Euro-denominated Constant Maturity Futures (CMF) offering on Eurex’s platform.

As per the new licensing accord between GMEX and Eurex, market participants using Eurex’s Multilateral Trade Registration (MTR) service and clearing can effectively utilize GMEX’s CMF trading capabilities.

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In particular, GMEX’s CMF offering is based on the weighted Interest Rate Swap Index Average (IRSIA), tracking the interest rate exposure at each point on a given yield curve by controlling and removing the expiry date and marking the contract to market against an IRSIA Constant Maturity Index on a daily basis.

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GMEX’s product launch granted Financial Conduct Authority (FCA) approval and will be arranged on its platform, albeit executed at Eurex Exchange – clearing will be handled by Eurex Clearing.

According to Hirander Misra, CEO of GMEX Group, in a recent statement on the arrangement, “We continue to make very good progress with our launch and this new licensing arrangement with Eurex provides firms with a well-established mechanism to trade and clear our CMF contracts. We are getting very strong support from the trading community particularly the buy-side.”

Furthermore, “We are pleased to enter into this licensing agreement with GMEX, who are taking a highly innovative approach to the market. Our members will benefit from access to a new type of interest rate swap futures contract via our proven and efficient exchange environment,” added Brendan Bradley, Chief Innovation Officer and member of the Eurex Executive Board, in an accompanying statement.

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