US derivative exchanged granted CS licence
Commodity derivative exchange the Chicago Mercantile Exchange (CME) has been granted a clearing and settlement (CS) facilities licence by acting assistant Treasurer Mathias Cormann.
Granted under the Corporations Act 2001, the licence allows CME to operate its overseas CS facility in Australia.
Under the licence, CME is allowed to provide over-the-counter transactions in interest rate derivatives, and non-Australian dollar denominated interest rate derivatives traded on the CME market or the financial market regulated by the US Securities Exchange Commission.
CME can only provide services to an Australian participant in relation to transactions for the Australian participant's proprietary account.
AUTHOR
Malavika Santhebennur
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
