CME to expand paired delivery as banks rethink third-party CLS

New settlement model underpinning CME Europe will extend to US futures

clearing and settlement

CME Group is to extend its new paired-delivery model for the physical settlement of foreign exchange futures from Europe to the US in September, as banks step back from the provision of indirect settlement through CLS to financial market infrastructures (FMIs), which include exchanges and central counterparties (CCPs).

Following a seven-month delay, due to concerns over the physical delivery of currencies, CME launched its new London-based futures exchange in April using paired delivery, whereby

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