Delays and revisions for CME's credit event futures
The Chicago Mercantile Exchange (CME) has delayed the launch of its planned credit event futures, after US regulators demanded more time to examine the proposal.
The CME said yesterday it would alter the product's payout terms - it will now pay out only in the event of bankruptcy, and not in the event of less serious credit events such as restructuring. The amendment was ordered by the CFTC, the exchange said.
The product also came under legal challenge last month, when the rival Chicago Board Options Exchange (CBOE) argued to regulators that CME did not have the legal right to trade securities.
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