Chicago Mercantile Exchange, Spanish Futures and Options Exchange, and Standard & Poors this summer plan to introduce futures contracts on the S&P Europe 350 stock index, as well as the indexs financial, information technology and telecom services sector indexes. The contracts will begin trading June 21 on the Spanish Futures and Options Exchange and will clear through the CMEs clearinghouse; they will be the first to trade on a European exchange and clear on a U.S. exchange, according to a CME news release.
Futures contracts for seven other S&P Europe 350-based sector indexes will begin trading later this year.
The CME and S&P have an exclusive license agreement to trade the S&P equity index products on the CME. CME members will have access to the Spanish exchange through a cross-exchange agreement, although U.S. regulatory approval for trading futures contracts on the S&P Europe 350 and its sector indexes is still pending.