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CME to launch European futures exchange

  • CME Group, the biggest U.S. futures market operator, has announced plans to launch a European exchange.

    The move comes in a bid to break the duopoly of NYSE Euronext and Deutsche Boerse AG and subsequently boost its customer base.

    On Monday, CME said it was applying to Britain's Financial Services Authority for approval to open a London-based market offering currency futures in mid-2013.

    NYSE's Liffe and Deutsche Boerse's Eurex make up more than 90 percent of the total world trading in some European contracts.

    CME currently runs the Chicago Mercantile Exchange, the Chicago Board of Trade and the New York Mercantile Exchange.

    The Chicago-based group also has stakes in several foreign exchanges, including in Brazil and Dubai, but London would be its first standalone exchange outside the United States.