CME delays dollar/renminbi futures due to settlement system issues

CME's global headquarters in Chicago

CME Group has delayed the launch of its new US dollar/CNY futures contract by seven weeks as trading members interested in the contract say they need more time to reconfigure their back-end settlement system to be able to handle the new currency-quoting format, the derivatives exchange tells Asia Risk.

Initially slated for launch on August 22, CME says these new contracts, to be quoted in European terms rather than American CNY/USD terms, will now be launched on October 17 instead. Comprising a

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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