CME rejects 'narrow-minded' criticism of Australia clearing licence

Purely domestic business of little interest to the US group

Phupinder Gill, CME

The decision by CME to acquire an Australia clearing licence is part of a move to serve global client requirements rather than to capture growth from the expanding onshore interest rate swap (IRS) market, says chief executive Phupinder Gill.

CME recently became the third firm to gain an Australia clearing and settlement licence, after local player ASX and LCH.Clearnet, a move which led some local clearing market participants to question whether the Australian dollar swaps market was large enough

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