CME targets credit derivatives market

The Chicago Mercantile Exchange (CME) plans to launch credit derivatives products early next year, with a view to capturing a share of a market that has largely been the preserve of over-the-counter dealers.

The CME has filed an application with the US Commodity Futures Trading Commission to list credit event futures, which are triggered by the same events as standard credit default swaps. The products will use guidelines laid down by the International Swaps and Derivatives Association (Isda).

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