CME Group, the world's largest and most diverse derivatives exchange, today announced that it will augment its portfolio of emerging markets currencies products with the introduction of Turkish lira futures contracts denominated in both U.S. dollars (TRY/USD) and in euros (TRY/EUR). The new contracts will trade exclusively on the CME Globex(R) electronic trading platform and are currently scheduled to begin trading in the first quarter of January, 2009.
"We see emerging markets currencies, such as the Turkish lira, as another component in growing our FX business around the world. As Turkey continues its development within the global economy, the lira contract will be a key plank in our growing emerging markets currency products range," said Derek Sammann, CME Group Managing Director of FX Products. "Overall CME Group FX volumes achieved new record highs in September, averaging 835,000 contracts per day, up 32 percent on September 2007, which was a record average daily notional value of $111 billion, up 41 percent."
In the last 12 months, volumes in CME Group's top four emerging markets currencies -- the Russian ruble, Mexican peso, South African rand and Chinese renminbi -- have grown an average of 152 percent. Individually, volumes in the renminbi rose 234 percent, the ruble 178 percent, the rand 141 percent and the peso 56 percent.
CME Group Turkish lira futures are designed to serve global customers by expanding liquidity in this growing currency. Benefits include:
- Access to $100 billion in overall FX futures and options liquidity each day
- Guarantee of counterparty credit risk and central clearing by CME Clearing
- Global access to CME Group's electronic FX markets virtually 24 hours a day
- Transparent market prices
With a GDP approaching $950 billion, forecast to grow at 5.4 percent this year, Turkey's economy offers long-term potential for trading in the lira.
To help provide liquidity in this new market, CME Group will solicit market-making firms that will commit to providing continuous, transparent and competitive markets in these contracts. Eligible market participants will also benefit from CME Group's Emerging Markets Incentive Program. For more information on CME Group Turkish Lira Futures, please visit http://www.cmegroup.com/try.
CME Group offers the largest regulated FX complex in the world, providing FX users with liquid, transparent markets, guaranteed execution and central counterparty clearing risk management on 43 individual FX futures and 31 options on futures products.* Last year over 144 million FX contracts with a notional value of over $17.9 trillion traded at CME Group. For more information on CME Group FX products, visit http://www.cmegroup.com/fx.