CME, Phlx Launch New Contracts That Mirror Interbank Products

EXCHANGES

The simultaneous launch of two exchange-listed products in the U.S. that rival the interbank market have had mixed success in initial efforts to grab a piece of the over-the-counter market, sources say.

The Chicago Mercantile Exchange's (CME) Deutsche mark 'currency forwards' have had relatively high volume for a new contract and this has brought record volume to its complementary 'rolling spot.' Meanwhile, the Philadelphia Stock Exchange's (Phlx) 3-D (dollar-denominated Deutsche mark) option