CME Restriction Of E$ EFP Trading Sheds Light On Currency Practices

EXCHANGES

The Chicago Mercantile Exchange (CME) is proposing restrictions on exchanges of futures for physicals (EFP) transactions in Eurodollar futures beyond the second contract month in the March quarterly cycle. According to a memo sent to exchange members this is part of a two-phased effort to "address the needs of our customers while preserving liquidity and insuring the continued viability of price discovery through an open-outcry process."

The CME is acting to combat what it describes as

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