BGC Group, Inc. (NASDAQ:BGC) and 10 investment banks and market-making firms today announced they will launch the highly anticipated FMX Futures Exchange, an exchange for U.S. interest rate futures, on Monday, September 23, 2024 at 9:00 p.m. ET., which represents the beginning of the trade date Tuesday, September 24, 2024.
FMX will initially launch with SOFR futures and will add U.S. treasury futures in the first quarter of 2025.
FMX expects to provide clients with significant capital savings through its clearing partnership with LCH Limited (LCH), a fully approved CFTC Derivatives Clearing Organization and one of the largest clearers of interest rate swaps in the world. LCH has $225 billion of interest rate swap collateral securing its interest rate swaps, against which LCH members expect to cross margin eligible U.S. interest rate futures…
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