The Chicago Mercantile Exchange and CheMatch.com plan to jointly develop and market a complex of chemical futures that will trade on the exchange’s GLOBEX2 electronic trading system. The first of them will appear early in the first half of 2001, and others will be launched throughout the year, said Ellen G. Resnick, CME spokeswoman.
Members of CheMatch.com’s network will be able to enter trades on GLOBEX2 through the CheMatch.com platform. The futures will trade exclusively on GLOBEX2 and clear with a CME-member clearing firm through the exchange’s clearing system.
The agreement marks the first time a futures exchange and a business-to-business marketplace jointly have developed risk management products for a specific industry, according to a news release from CME and CheMatch.com. Carl McCutcheon, CheMatch chairman and CEO, said this sets the stage for trading cash markets and derivatives side-by-side on one global platform.
