CME Plans Foreign Denominated Cross Rates Late November Launch? PHLX, October Start?

EXCHANGES

As expected (FX Week, August 9), the Chicago Mercantile Exchange (CME) is moving ahead with its plans to offer foreign denominated cross rate futures and options contracts, officials at the exchange say. The cross rates, which the exchange hopes to launch by the end of November, would be the first non-dollar denominated products the CME has ever offered and would mark a complete about face from its original cross rate contracts.

"We're beyond egg on our face," one official says of the exchang

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