Eurex mulls expansion into currency futures-source
By Edward Taylor
FRANKFURT, Oct 1 (Reuters) - Deutsche Boerse is exploring an expansion into trading currency futures contracts, a source close to the company said on Monday, mirroring a similar push by arch-rival CME Group Inc..
The move by Deutsche Boerse's derivatives exchange unit Eurex amounts to a new business area for the division which specialises in interest rate, equity, commodities and property derivatives.
In August, CME applied to Britain's Financial Services Authority to open a London-based market offering currency futures in mid-2013.
Deutsche Boerse has sounded out client banks to see if there is enough potential to launch its own currency futures trading, and is now exploring what regulatory steps are needed, the source said.
The company declined to comment.
Under new global regulations, banks are being pushed to put their trades in commonly-traded, over-the-counter derivatives through regulated central clearing houses.
The Group of 20, made up of wealthy nations and leading emerging economies, wants derivative trades to be centrally cleared so that regulators can get a clear picture of where the risks lie in the event of a large bank default.
(Reporting by Edward Taylor; Editing by Mark Potter)
Keywords: DEUTSCHEBOERSE EUREX/