CME looks to local banks for FX liquidity in emerging markets

Craig LeVeille, executive director for FX products at CME, talks about the company’s focus on growing emerging markets

Craig LeVeille, CME Group

Over-the-counter markets and exchanges do not always have the easiest relationships. In FX, CME Group has often been viewed as a threat to the business of traditional dealing banks, but the market's transformation from a predominantly two-tier structure to a blurring of the lines between the buy and sell side has favoured the exchange, which serves a wide range of participants.

While banks are still accountable for more than one-third of all FX turnover in external markets, more than half is

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